Document:

EX-10.14

 Exhibit 10.14 

EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT (this “Agreement”) dated as of February 15, 2013, between D.S. Waters of America, Inc., a
Delaware corporation (the “Company”), and Thomas J. Harrington (the “Executive”). 
 W I
T N E S S E T H 
 WHEREAS, the Company desires to employ the Executive
as the Chief Executive Officer of the Company; and 
 WHEREAS, the Company and the Executive desire to enter into this Agreement as
to the terms of the Executive’s employment with the Company. 
 NOW, THEREFORE, in consideration of the foregoing, of the mutual
promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

1. POSITION AND DUTIES. 

(a) During the Employment Term (as defined in Section 2 hereof), the Executive shall serve as the Chief Executive Officer
of the Company. In this capacity, the Executive shall have the responsibility for the overall management of the Company, subject to the oversight of the Board of Directors (the “Board”). The Executive shall report to the Board. 

(b) During the Employment Term, the Executive shall devote all of the Executive’s business time, energy and skill and the
Executive’s best efforts to the performance of the Executive’s duties with the Company, provided that the foregoing shall not prevent the Executive from (i) serving on the boards of directors of for-profit or non-profit
organizations with the prior written approval of the Board (in its sole discretion), (ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing the Executive’s passive
personal investments so long as such activities in the aggregate do not interfere or conflict with the Executive’s duties hereunder or create a potential business or fiduciary conflict. 

(c) The Executive shall continue to serve as a member of the Board for the remainder of the Employment Term. 

2. EMPLOYMENT TERM. The Company agrees to employ the Executive pursuant to the terms of this Agreement, and the Executive agrees to be
so employed, commencing as of the date hereof (the “Effective Date”) and continuing until such time as the Executive’s employment is terminated in accordance with Section 6 hereof, subject to Section 7 hereof. The
period of time between the Effective Date and the termination of the Executive’s employment hereunder shall be referred to herein as the “Employment Term.” 

 3. BASE SALARY. The Company agrees to pay the Executive an initial base salary at an
annual rate of not less than $750,000, payable in accordance with the regular payroll practices of the Company. The Executive’s Base Salary shall be subject to annual review by the Board (or a committee thereof). The base salary as determined
herein from time to time shall constitute “Base Salary” for purposes of this Agreement. 
 4. ANNUAL BONUS. During
the Employment Term, the Executive shall be eligible to receive an annual discretionary incentive payment under the Company’s annual bonus plan as in effect from time to time (the “Annual Bonus”) based on a target bonus
opportunity of 100% of the Executive’s Base Salary (the “Target Bonus”), upon the attainment of one or more pre-established performance goals established by the Board or the Company’s Compensation Committee (the
“Committee”) in consultation with the Executive, provided that the Executive is employed on the last day of the calendar year giving rise to such Annual Bonus, except as provided in Section 7 hereof. 

5. EMPLOYEE BENEFITS. 

(a) BENEFIT PLANS. The Executive shall be entitled to participate in any employee benefit plan, at the senior executive
level, that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements. Notwithstanding the foregoing, the Company may modify or terminate
any employee benefit plan at any time. However, the Company agrees for the duration of the Employment Term to provide life insurance benefits to Executive at or above the current level provided to the Executive, provided that such benefits may be
reduced to the extent such a reduction is required by law, implemented in connection with a general concessionary arrangement affecting all senior management, generally applicable to the beneficiaries of the applicable plan, or in accordance with
the terms of such plan. 
 (b) VACATIONS. The Executive shall be entitled to 4 weeks of paid vacation per calendar
year (as prorated for partial years) in accordance with the Company’s policy on accrual and use applicable to employees as in effect from time to time. 

(c) BUSINESS AND ENTERTAINMENT EXPENSES. Upon presentation of appropriate documentation, the Executive shall be
reimbursed in accordance with the Company’s expense reimbursement policy, for all reasonable business and entertainment expenses incurred in connection with the performance of the Executive’s duties hereunder and the Company’s
policies with regard thereto. 
 (d) HOUSING AND AUTOMOBILE ALLOWANCE. The Executive shall be entitled to: (i) an
annual housing allowance equal to $50,000; and (ii) an annual automobile allowance equal to $14,400. The benefits provided under this Section 5(d) are payable biweekly in accordance with the regular payroll, tax and withholding practices
of the Company. Executive shall be entitled to relocation expenses as provided under the DS Waters of America, Inc. —Executive, VP & GM Homeowner Relocation Policy Guide dated January 2006 for the relocation of his permanent residence
from 

  
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Chicago, Illinois to Atlanta, Georgia provided that such relocation expenses shall not exceed $75,000 and in the event that the Executive’s employment is terminated by the Company for Cause,
or by the Executive without Good Reason, in either case within one year of the date such relocation is completed, then the Executive shall be required to reimburse the Company for a prorated share of relocation expenses, calculated as 1/12 of the
total amount for each month less than a full year worked after the relocation was completed. The Executive’s housing allowance will cease upon the completion of the Executive’s relocation to Atlanta, Georgia. 

(e) LEGAL FEES. Within thirty (30) days upon presentation of appropriate documentation, the Company
shall pay all reasonable and documented legal fees and related expenses incurred in connection with the drafting, negotiation and execution of this Agreement, up to a maximum of $15,000. 

6. TERMINATION. The Executive’s employment and the Employment Term shall terminate on the first of the following to occur: 

(a) DISABILITY. Upon ten (10) days’ prior written notice by the Company to the Executive of termination due to
Disability. For purposes of this Agreement, “Disability” shall be defined as the inability of the Executive to have performed the Executive’s material duties, with or without a reasonable accommodation (in the case of essential
job functions), hereunder due to a physical or mental injury, infirmity or incapacity for one hundred eighty (180) days (including weekends and holidays) in any 365-day period. Notwithstanding the foregoing, in the event that as a result of
earlier absence because of mental or physical incapacity Executive incurs a “separation from service” within the meaning of such term under “Code Section 409A” (as defined in Section 23 hereof) Executive shall on
such date automatically be terminated from employment as a Disability termination. 
 (b) DEATH. Automatically on the
date of death of the Executive. 
 (c) CAUSE. Immediately upon written notice by the Company to the Executive
of a termination for Cause. “Cause” shall mean: 
 (i) the Executive’s material incompetence, willful
misconduct or gross negligence in the performance of the Executive’s duties to the Company; 
 (ii) the Executive’s
willful failure to perform the Executive’s duties to the Company or to follow the lawful directives of the Board (other than as a result of death or a physical or mental incapacity) within 10 days following written demand for performance (and
specifically excluding any failure by Executive, after reasonable efforts, to meet performance expectations), provided that no such written demand shall be required if the Executive’s failure under this clause (ii) is not, in the
reasonable judgment of the Company, curable by the Executive; 
 (iii) commission of, indictment for, conviction of, or
pleading of guilty or nolo contender to, a felony or any crime involving moral turpitude; or 

  
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 (iv) the Executive’s performance of any act of theft, fraud, or dishonesty
in connection with the performance of the Executive’s duties to the Company; or 
 (v) a material breach of this
Agreement or any other agreement with the Company, or a material violation of the Company’s code of conduct or other written material policy, in each case which is not cured within 10 days following written notice of such breach or violation,
provided that no such written demand shall be required if the Executive’s breach or violation under this clause (v) is not, in the reasonable judgment of the Company, curable by the Executive. 

(d) WITHOUT CAUSE. Immediately upon written notice by the Company to the Executive of an involuntary termination
without Cause (other than for death or Disability). 
 (e) GOOD REASON. Thirty days after Executive provides written
notice to the Company of a termination for Good Reason. “Good Reason” shall mean the occurrence of any of the following events, without the express written consent of the Executive, unless such events are fully corrected in all
material respects by the Company within thirty (30) days following written notification by the Executive to the Company that the Executive intends to terminate the Executive’s employment hereunder for one of the reasons set forth below:

 (i) a material diminution in the Executive’s Base Salary or Target Bonus or aggregate benefits (other than a
reduction in benefits which is required by law, implemented in connection with a general concessionary arrangement affecting all senior management, generally applicable to all beneficiaries of such plans, or in accordance with the terms of any such
plans); 
 (ii) a material diminution in the Executive’s duties, authorities or responsibilities (other than temporarily
while physically or mentally incapacitated or as required by applicable law); or 
 (iii) a relocation of the
Executive’s primary work location by more than 50 miles from its then current location in Atlanta, Georgia. 
 The Executive shall provide the Company
with a written notice detailing the specific circumstances alleged to constitute Good Reason within ninety (90) days after the first occurrence of such circumstances, provided, that no termination for Good Reason based on such
circumstances shall occur more than one hundred eighty (180) days after the initial existence of such Good Reason event. The failure by the Executive to (i) provide the Company with written notice detailing the specific circumstances
alleged to constitute Good Reason within ninety (90) days after the first occurrence of such circumstances, or (ii) terminate for Good Reason within one hundred eighty (180) days from the first occurrence of such event, shall in
either case be deemed an irrevocable waiver by the Executive of any claim that such circumstances may constitute “Good Reason,” but shall not prevent the Executive from terminating for Good Reason in accordance with the terms of this
Agreement based on different or new circumstances constituting Good Reason. 

  
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 (f) WITHOUT GOOD REASON. Upon thirty (30) days’ prior written
notice by the Executive to the Company of the Executive’s voluntary termination of employment without Good Reason (which the Company may, in its sole discretion, make effective earlier than any notice date and terminate the employment of the
Executive at such earlier time). 
 7. CONSEQUENCES OF TERMINATION. 

(a) DEATH. In the event that the Executive’s employment and the Employment Term ends on account of the
Executive’s death, the Executive or the Executive’s estate, as the case may be, shall be entitled to the following (with the amounts due under Sections 7(a)(i) through 7(a)(iv) hereof to be paid no later than the sixtieth (60th) day
following termination of employment): 
 (i) any unpaid Base Salary through the date of termination; 

(ii) reimbursement for any unreimbursed business expenses incurred through the date of termination of employment; 

(iii) payment of any accrued but unused vacation time in accordance with Company policy; 

(iv) any unpaid Annual Bonus attributable to service by the Executive for the full year immediately preceding his termination,
paid at such time bonuses are paid generally to other employees; and 
 (v) all other payments, benefits or fringe benefits
to which the Executive shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement (collectively, Sections 7(a)(i) through 7(a)(vi) hereof shall be
hereafter referred to as the “Accrued Benefits”); and 
 (vi) payment of Executive’s Annual Bonus (if
any) for the year of termination, based on actual results and prorated through the date of termination, paid at such time bonuses are paid generally to other employees. 

(b) DISABILITY. In the event that the Executive’s employment and/or Employment Term ends on account of the
Executive’s Disability, the Company shall pay or provide the Executive with the Accrued Benefits no later than the sixtieth (60th) day following his termination of employment, and shall
pay the Executive’s Annual Bonus (if any) for the year of termination, based on actual results and prorated through the date of termination, paid at such time bonuses are paid generally to other employees. 

(c) TERMINATION FOR CAUSE OR WITHOUT GOOD REASON. If the Executive’s employment is terminated (x) by
the Company for Cause, or (y) by the Executive without Good Reason, the Company shall pay to the Executive the Accrued Benefits no later than the sixtieth (60th) day following his
termination of employment. 

  
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 (d) TERMINATION WITHOUT CAUSE OR FOR GOOD REASON. If the Executive’s
employment by the Company is terminated (i) by the Company other than for Cause, or (ii) by the Executive for Good Reason, the Company shall pay or provide the Executive with the following, subject to the provisions of Section 21
hereof: 
 (i) the Accrued Benefits; and 

(ii) subject to the Executive’s compliance with the obligations in Sections 8, 9 and 10 hereof, and, subject to
Section 23 hereof in the case of amounts in excess of the Separation Pay Limit to the extent that the Separation Pay Limit is applicable, the “Severance Payment.” The Severance Payment shall be an amount equal to the sum of
(a) the Executive’s annual Base Salary in effect on the date of termination and (b) the Executive’s most recently paid Annual Bonus; provided, that if the Executive is terminated on or before December 31, 2013, then
the Severance Payment shall be $1,500,000. The Severance Payment shall be payable to you in a lump sum no later than 60 days after your termination date and within 5 days after the release described below becomes effective and is no longer subject
to revocation, provided that, to the extent the Severance Payment is subject to Code Section 409A, if the date of execution of the release could result in the payment of the Severance Payment occurring in either the calendar year in which your
termination date occurs or the following calendar year, then the Severance Payment shall be paid on the first payroll date occurring in such following calendar year; and 

(iii) an amount equal to the Executive’s estimated COBRA premiums for medical, dental, and vision coverage for a
twelve-month period, paid monthly and calculated based on the coverage in effect for the Executive and his dependents on his termination date (the “COBRA Payments”); provided, that the Executive is eligible and remains eligible for COBRA
coverage; and provided, further, that in the event that the Executive obtains other employment that offers group health benefits, the COBRA Payments shall immediately cease. 

Payments and benefits provided in this Section 7(d) shall be in lieu of any termination or severance payments or benefits for which the Executive may be
eligible under any of the plans, policies or programs of the Company or under the Worker Adjustment Retraining Notification Act of 1988 or any similar state statute or regulation. 

(e) OTHER OBLIGATIONS. Upon any termination of the Executive’s employment with the Company, the Executive shall
promptly resign from the Board and any other position as an officer, director or fiduciary of any Company-related entity. 
 8. RELEASE;
NO MITIGATION. Any and all amounts payable and benefits or additional rights provided pursuant to this Agreement beyond the Accrued Benefits (other than amounts described in Section 7(a)(ii) hereof) shall only be payable if the Executive
delivers to the Company and does not revoke a general release of claims in favor of the Company substantially in the same form attached hereto as Exhibit A. Such release shall be executed and delivered on or before the fifty-second (52nd ) day following termination, such that the release shall be no longer subject to revocation as of the sixtieth (60th) day following
termination; 

  
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provided that the Company delivers to the Executive such release on or before the seventh (7th) day following termination. In no
event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be
reduced by any compensation earned by the Executive as a result of employment by a subsequent employer. 
 9. RESTRICTIVE COVENANTS.

 (a) CONFIDENTIALITY. 

(i) The Executive expressly agrees, at all times, during and subsequent to the Executive’s service with the Company, to
maintain the confidentiality of, and not to disclose to or discuss with, any person any Confidential Information (as hereinafter defined), except (i) to the extent reasonably necessary or appropriate to perform the Executive’s duties and
responsibilities, including, without limitation, furthering the interests of the Company and/or developing new business for the Company (provided that Confidential Information relating to (x) personnel matters related to any present or former
employee, partner or member of the Company or (y) the financial structure, financial position or financial results of the Company or any of its subsidiaries, affiliated companies or businesses (collectively, the “Company
Group”), shall not be so used without the prior consent of the Company), (ii) with the prior written consent of the Company, or (iii) as otherwise required by law, regulation or legal process or by any regulatory or
self-regulatory organization having jurisdiction; provided that a copy of the provisions set forth in this Section 9 may be disclosed to the Executive’s prospective future employers upon request in connection with the Executive’s
application for employment. 
 (ii) For purposes of this Agreement, “Confidential Information” means information
concerning the business, affairs, operations, strategies, policies, procedures, organizational and personnel matters related to any present or former employee, partner or member of the Company, including compensation and investment arrangements,
terms of agreements, financial structure, financial position, financial results or other financial affairs, actual or proposed transactions or investments, investment results, existing or prospective clients or investors, computer programs or other
confidential information related to the business of the Company or to its members, actual or prospective clients or investors (including funds managed by members of the Company Group), their respective portfolio companies or other third parties.
Such information may have been or may be provided in written or electronic form or orally. All of such information, from whatever source learned or obtained and regardless of the Company’s connection to the information, is referred to herein as
“Confidential Information.” Confidential Information does not include any such information which (a) has been voluntarily disclosed to the public by the Company, except where such public disclosure has been made by me without the
Company’s authorization, (b) has been independently developed and disclosed by others, or (c) has otherwise entered the public domain through lawful means. 

  
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 (b) NONCOMPETITION. The Executive acknowledges that the Executive performs
services of a unique nature for the Company that are irreplaceable, and that the Executive’s performance of such services to a competing business will result in irreparable harm to the Company. Accordingly, the Executive shall not, directly or
indirectly, during the Executive’s service with the Company, and for a period ending twelve months following the termination of the Executive’s service, provide services to or have any interest in (including, but not limited to, any
interest in or association as a sole proprietor, owner, employer, principal, investor, joint venturer, shareholder, associate, employee, member, consultant, contractor or otherwise) any Competitive Business; provided, however, that with respect to
the equity of any Competitive Business which is or becomes publicly traded, the Executive’s ownership as a passive investor of less than 3% of the outstanding publicly traded stock of a Competitive Business shall not be deemed a violation of
this subsection (b). For purposes of this Agreement, “Competitive Business” means any business, in any geographical or market area where the Company or any of its subsidiaries, joint venturers or “sister” entities (but only those
“sister” companies under common control by the same parent and which engage in the same businesses as the Company)(collectively, the “Non-Compete Company Group”), conducts business or provides products or services, that competes
with the business of the Company, including any water filtration, filtration services or filtration equipment business, any beverage business that offers home and office delivery, any point of use business involved in water or beverages, any retail
water business, any bottled water business, any brewed beverage (including, without limitation, coffee) business, or any other business in which the Non-Compete Company Group is engaged during the term of the Executive’s service and any
business that the Non-Compete Company Group was actively considering conducting at the time of the Executive’s termination of service and of which the Executive has, or reasonably should have, knowledge, 

(c) NONSOLICITATION; NONINTERFERENCE. 

(i) The Executive shall not, directly or indirectly, during the Executive’s service with the Company, and for a period
ending twelve months following the termination of the Executive’s service, (a) solicit, or assist any other individual, person, firm or other entity in soliciting, the business of any Customer or Prospective Customer for or on behalf of an
existing or prospective Competitive Business; (b) perform, provide or assist any other individual, person, firm or other entity in performing or providing, services similar to those provided by the Executive, for any Customer or Prospective
Customer; or (c) impede or otherwise interfere with or damage (or attempt to impede or otherwise interfere with or damage) any business relationship and/or agreement between the Company and (i) a Customer or Prospective Customer or
(ii) any supplier. For purposes of this Agreement, “Customer” shall mean any person, firm, corporation or other organization whatsoever for whom the Company provided goods or services and with whom the Executive had material contact
during the Executive’s employment with the Company. “Prospective Customer” shall mean any person, firm, corporation or other organization whatsoever with whom the Company has had any negotiations or discussions regarding the possible
engagement of business and with whom the Executive had material contact during the Executive’s employment with the Company. 

  
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 (ii) The Executive shall not, directly or indirectly, during the Executive’s
service with the Company, and for a period ending twelve months following the termination by the Company of the Executive’s service, solicit, employ, engage or retain, or assist any other individual, person, firm or other entity in soliciting,
employing, engaging or retaining, (a) any employee or other agent of any member of the Company Group, including, without limitation, any former employee or other agent of any member of the Company Group who ceased working for such member of the
Company Group within the twelve-month period immediately preceding or following the date on which the Executive’s service with the Company terminated or (b) any consultant or senior adviser that the Executive knows is under contract with
any member of the Company Group (collectively “Restricted Employee or Consultant”). For purposes of this subsection (c)(ii), “solicit” means to have any direct or indirect communication of any kind whatsoever for the purpose of
inducing such Restricted Employee or Consultant to end his or her relationship the Non-Compete Company Group. This provision shall not prohibit any entity by which the Executive is employed or for which the Executive consults from hiring any
Restricted Employee or Consultant if the Executive has had no direct or indirect part or role in such solicitation or hiring, including providing any Confidential Information about such Restricted Employee or Consultant. 

(d) NONDISPARAGEMENT. The Executive agrees that, during the Executive’s service with the Company, the Executive
will not, directly or indirectly, through any agent or affiliate, make any disparaging comments (whether of a professional or personal nature) to any third party (including without limitation any present or former member, partner or employee of any
member of the Company Group) regarding any member of the Company Group which, in each case, are reasonably expected to result in damage to the business or reputation of any member of the Company Group or any of its affiliates, members, partners or
employees. The foregoing nondisparagement provision does not apply on occasions when Employee provides truthful information in good faith to any federal, state, or local agency investigating an alleged violation of any anti-discrimination or other
employment-related law or otherwise gathering information pursuant to any official investigation, hearing, trial or proceeding. The Executive shall also (i) be permitted to defend himself against any statement made by the other party (including
those made by any officer or agent of a member of the Company Group that is intended or reasonably likely to disparage the Employee’s reputation if the Employee has a reasonable good faith belief that the his statements in such defense are not
false statements, (ii) be permitted while employed as an officer of the Company, to make any statement not otherwise false or misleading that the Executive determines in good faith is reasonably necessary or appropriate to the discharge of his
duties as an officer of the Company, and (iii) provide truthful testimony in any legal proceeding. 
 (e) WORK
PRODUCT. All work developed by the Executive in the course of his employment with the Company is owned exclusively by the Company, including but not limited to, written materials, inventions, ideas, documentation, reports, processes,
publications and research results (collectively, “Company Work Product”), and the Executive agrees not to duplicate in any manner whatsoever any Company Work Product, other than in the ordinary course of the Executive’s work for the
Company. The 

  
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Executive hereby assigns, to the maximum extent permitted by applicable law, all rights and intellectual property rights in Company Work Product (including rights under patent, industrial
property, copyright, trademark, trade secret, unfair competition and related laws) to the Company to the extent ownership of any such rights does not vest originally in the Company. The Executive shall take all requested actions and execute all
requested documents at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering any of the Company’s rights in the
Company Work Product. If the Company is unable for any other reason to secure the Executive’s signature on any document for this purpose, then the Executive hereby irrevocably designates and appoints the Company and its designee as the
Executive’s agent and attorney in fact, to act for and on the Executive’s behalf and stead to execute such document and do all other lawfully permitted acts in connection with the foregoing. In the event that the Executive’s
engagement as an employee of the Company is terminated for any reason, the Executive will return to the Company any Company Work Product or copies thereof, as well as any documents, lists, computer-generated material, computer files or information
in whatever form that the Executive has either received from the Company or have prepared for the Company during the course of the Executive’s engagement as an employee of the Company. Notwithstanding anything in this Agreement to the contrary,
Company Work Product does not include any invention that the Executive developed entirely on his own time without using the Company’s equipment, supplies, facilities, Confidential Information or actual or anticipated research or development,
unless such invention (a) relates to the Company’s business or actual or anticipated research or development, or (b) results from any work performed by the Executive for the Company. 

(f) RETURN OF COMPANY PROPERTY. On the date of the Executive’s termination of employment with the Company
for any reason (or at any time prior thereto at the Company’s request), the Executive shall return all property belonging to the Company or its affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones,
wireless electronic mail devices or other equipment, or documents and property belonging to the Company). The Executive may retain the Executive’s rolodex and similar address books and electronic contact information provided that such items
only include contact information. To the extent that the Executive is provided with a cell phone number by the Company during employment, the Company shall cooperate with the Executive in transferring such cell phone number to the Executive’s
individual name following termination. 
 (g) REFORMATION. If it is determined by a court of competent jurisdiction in
any state that any restriction in this Section 9 is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the
court to render it enforceable to the maximum extent permitted by the laws of that state. 
 (h) TOLLING. In the event
of any violation of the provisions of this Section 9, the Executive acknowledges and agrees that the post-termination restrictions contained in this Section 9 shall be extended by a period of time equal to the period associated with
efforts to negotiate and settle any bona fide claim (but in no event shall such extension exceed 60 days in connection with such negotiations), or the period associated with any litigation commenced by the Company as a result of such violation (but
such extension shall be effective only if the Company prevails in such litigation). 

  
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 (i) SURVIVAL OF PROVISIONS. The obligations contained in Sections 9 and 10
hereof shall survive the termination or expiration of the Employment Term and the Executive’s employment with the Company and shall be fully enforceable thereafter. 

10. COOPERATION. Upon the receipt of reasonable notice from the Company (including outside counsel), the Executive agrees
that while employed by the Company and as is reasonable thereafter, the Executive will respond and provide information with regard to matters in which the Executive has knowledge as a result of the Executive’s employment with the Company, and
will provide reasonable assistance to the Company, its affiliates and their respective representatives in defense of any claims that may be made against the Company or its affiliates, and will assist the Company and its affiliates in the prosecution
of any claims that may be made by the Company or its affiliates, to the extent that such claims may relate to the period of the Executive’s employment with the Company. The Executive agrees to promptly inform the Company if the Executive
becomes aware of any lawsuits involving such claims that may be filed or threatened against the Company or its affiliates. The Executive also agrees to promptly inform the Company (to the extent that the Executive is legally permitted to do so) if
the Executive is asked to assist in any investigation of the Company or its affiliates (or their actions), regardless of whether a lawsuit or other proceeding has then been filed against the Company or its affiliates with respect to such
investigation. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Executive for all reasonable out-of-pocket travel, duplicating or telephonic expenses incurred by the Executive in complying with this Section 10.

 11. EQUITABLE RELIEF AND OTHER REMEDIES. The Executive acknowledges and agrees that the Company’s remedies at
law for a breach or threatened breach of any of the provisions of Section 9 or Section 10 hereof would be inadequate and, in recognition of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in
addition to any remedies at law, the Company, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable
remedy which may then be available. In the event of a violation by the Executive of Section 9 or Section 10 hereof, any severance being paid to the Executive pursuant to this Agreement or otherwise shall immediately cease. 

12. NO ASSIGNMENTS. This Agreement is personal to each of the parties hereto. Except as provided in this Section 12 hereof,
no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or
assets of the Company, provided that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such
succession had taken place. As used in this Agreement, “Company” shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this
Agreement by operation of law or otherwise. 

  
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 13. NOTICE. For purposes of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on
the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt
requested, postage prepaid, addressed as follows: 
 If to the Executive: 

At the address (or to the facsimile number) shown on the records of the Company 

If to the Company: 
 D.S. Waters
of America, Inc. 
 5660 New Northside Drive, Suite 500 

Atlanta, Georgia 30328 

Attention: [NAME] 
 or to such other address as
either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 

14. SECTION HEADINGS; INCONSISTENCY. The section headings used in this Agreement are included solely for convenience and shall
not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and
control. 
 15. SEVERABILITY. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability
of any provision shall not affect the validity or enforceability of the other provisions hereof. 
 16. COUNTERPARTS. This
Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 

17. ARBITRATION. Any dispute or controversy arising under or in connection with this Agreement or the Executive’s employment
with the Company, other than injunctive relief under Section 11 hereof, shall be settled exclusively by arbitration, conducted before a single arbitrator in Atlanta, Georgia(applying Delaware law) in accordance with the employment dispute
resolution rules of JAMS then in effect. The decision of the arbitrator will be final and binding upon the parties hereto. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. The parties acknowledge and agree
that in connection with any such arbitration and regardless of outcome, (a) each party shall pay all of its own costs and expenses, including, without limitation, its own legal fees and expenses, and (b) the arbitration costs shall be
borne entirely by the Company. 

  
 12 

 18. INDEMNIFICATION AND LIABILITY INSURANCE. The Company hereby agrees to indemnify
the Executive and hold the Executive harmless to the extent provided under the Charter and By-Laws of the Company against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable
attorney’s fees), losses, and damages resulting from the Executive’s good faith performance of the Executive’s duties and obligations with the Company. This obligation shall survive the termination of the Executive’s employment
with the Company. The Company shall cover the Executive under directors’ and officers’ liability insurance both during and, while potential liability exists, after the term of this Agreement, in the same amount and to the same extent as
the Company covers its other current and former officers and directors. 
 19. MISCELLANEOUS. No provision of this Agreement
may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer or director as may be designated by the Board, No waiver by either party hereto at any time of
any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the
Executive and the Company with respect to the subject matter hereof (including, without limitation, that certain Change in Control/Severance Payment letter, dated January 5, 2012 and agreed to by the Executive on January 19, 2012, which
shall no longer have any force or effect), but expressly excluding the Transaction Management Incentive Plan, and all equity plans or agreements which are effective as of the date hereof, including those which have been identified by the parties on
Schedule A attached hereto, which shall remain in effect and which are not superseded by this Agreement. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either
party which are not expressly set forth in this Agreement. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Delaware without regard to the choice of law principles thereof.
The parties to this Agreement acknowledge, for purposes of Delaware choice of law principles, that this Agreement involves amounts in excess of $100,000. 

20. REPRESENTATIONS. The Executive represents and warrants to the Company that (a) the Executive has the legal right to
enter into this Agreement and to perform all of the obligations on the Executive’s part to be performed hereunder in accordance with its terms, (b) the Executive is not a party to any agreement or understanding, written or oral, and is not
subject to any restriction, which, in either case, could prevent the Executive from entering into this Agreement or performing all of the Executive’s duties and obligations hereunder, and (c) in connection with his employment with the
Company, the Executive will not use any confidential or proprietary information he may have obtained in connection with employment with any prior employer. 

21. TAX WITHHOLDING. The Company may withhold from any and all amounts payable under this Agreement such federal, state and local
taxes as may be required to be withheld pursuant to any applicable law or regulation. 

  
 13 

 22. PARACHUTE PAYMENTS. Notwithstanding anything in this Agreement to the contrary,
if the Executive is a “disqualified individual” within the meaning set forth under Treasury Regulation Section 1.280G-1, Q/A-15, as determined by the Company, then any payment under this Agreement that constitutes an “excess
parachute payment” within the meaning of Section 280G of the Code (an “Excess Parachute Payment”), shall be expressly conditioned upon disclosure to and approval by the Company’s stockholders in compliance with
Treasury Regulation Section 1.280G-1, Q/A-7 (the “Stockholder Approval Exemption Requirements”). The Board agrees to submit to the Company’s stockholders and to recommend their approval of, (i) the potential payments
payable upon a termination of employment under this Agreement, (ii) the potential payments payable to Executive under the Company Transaction Management Incentive Plan, and (iii) any other payment that would, absent such stockholder
approval, constitute an Excess Parachute Payment, in accordance with the Stockholder Approval Exemption Requirements. If such stockholder approval is not obtained, the amount of the payments shall be reduced as necessary so that no Excess Parachute
Payment shall be paid. To the extent that the Company has equity securities that are readily tradable on an established securities market or otherwise, so as to render the Stockholder Approval Exemption Requirements referenced above unavailable,
then any payment that the Executive is entitled to receive under this Agreement or any other agreement, plan or arrangement that would (if paid), either alone or in the aggregate with other payments or benefits payable to the Executive, constitute
an Excess Parachute Payment, will either (i) be delivered in full, or (ii) be limited to the minimum extent necessary to ensure that no portion thereof, along with any other payments or benefits payable to the Executive, will fail to be
tax-deductible to the Company by reason of Section 280G of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state or local income and employment taxes and the excise tax imposed under Section 4999
of the Code, results in the receipt by the Executive, on an after-tax basis, of the greatest amount of payments under this Agreement or any other agreement, plan or arrangement, notwithstanding that all or some portion of such payments may be
subject to the excise tax imposed under Section 4999 of the Code. All determinations required to be made hereunder shall be made in consultation with the Company’s independent public accounting firm and at the Company’s expense. 

23. CODE SECTION 409A COMPLIANCE. 

(a) The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Internal Revenue Code
Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.
In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A or any damages for failing to comply with Code Section 409A. 

(b) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment
of any amounts or benefits upon or following a termination of employment that are considered “non-qualified deferred compensation” under Code Section 409A unless such termination is also a “separation from service” within
the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall 

  
 14 

 mean “separation from service.” If the Executive is deemed on the date of termination to be a
“specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment that is considered non-qualified deferred compensation under Code Section 409A payable on account of a
“separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of the
Executive, and (B) the date of the Executive’s death (the “Delay Period”), Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 23 (b) (whether they would have
otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum and any remaining payments and benefits due under this Agreement shall be paid or provided in
accordance with the normal payment dates specified for them herein. For purposes of this Agreement, the term “Separation Pay Limit” shall mean, two (2) times the lesser of (i) the Executive’s annualized compensation
based on the Executive’s annual rate of pay for the taxable year of the Executive preceding the taxable year in which the Executive has a “separation from service,” and (ii) the maximum amount that may be taken into account under
a tax qualified plan pursuant to Code Section 401(a)(17) for the year in which the Executive incurs a “separation from service.” 

(c) With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code
Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any
taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any
arrangement covered by Internal Revenue Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the last day of
Executive’s taxable year following the taxable year in which the expense occurred, 
 (d) For purposes of Code Section 409A, the
Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. In no event may the Executive, directly or indirectly, designate the calendar
year of any payment to be made under this Agreement that is considered nonqualified deferred compensation. In no event shall the timing of Executive’s execution of the General Release, directly or indirectly, result in the Executive designating
the calendar year of payment, and if a payment that is subject to execution of the General Release could be made in more than one taxable year, payment shall be made in the later taxable year, 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	D.S. WATERS OF AMERICA, INC.
		
	 By:
	 	/s/ Ron Z. Frieman
	 Name:
	 	Ron Z. Frieman
	 Title:
	 	CFO
		 	

  

			
	 THOMAS J. HARRINGTON

		
		 	/s/ Thomas J. Harrington
		 	

  
 16 

 EXHIBIT A 

AGREEMENT AND RELEASE 

THIS GENERAL RELEASE OF ALL CLAIMS (this “General Release”), dated as of
[                    ], is made by and between Thomas J. Harrington (the “Executive”) and D,S. Waters of America, Inc. (the
“Company”). 
 WHEREAS, the Company and Executive are parties to that certain Employment Agreement, dated as of
February 15, 2013 (the “Employment Agreement”); 
 WHEREAS, Executive’s employment with the Company has been
terminated and Executive is entitled to receive certain payments and other benefits, as set forth in Section 7 of the Employment Agreement subject to the execution of this General Release; 

WHEREAS, in consideration for Executive’s signing of this General Release, the Company will provide Executive with such payments and
benefits pursuant to Section 7 of the Employment Agreement; and 
 WHEREAS, except as otherwise expressly set forth herein, the parties
hereto intend that this General Release shall effect a full satisfaction and release of the obligations described herein owed to Executive by the Company and to the Company by Executive. 

NOW, THEREFORE, in consideration of the premises, the mutual covenants of the parties hereinafter set forth and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree as follows: 
 1.
(a) Executive, for himself, Executive’s spouse, heirs, administrators, children, representatives, executors, successors, assigns, and all other individuals and entities claiming through Executive, if any (collectively, the
“Executive Releasers”); does hereby release, waive, and forever discharge the Company and each of its respective agents, subsidiaries, parents, affiliates, related organizations, employees, officers, directors, shareholders,
attorneys, successors, and assigns in their capacities as such (collectively, the “Employer Releasers”) from, and does fully waive any obligations of Employer Releasees to Executive Releasers for, any and all liability, actions,
charges, causes of action, demands, damages, or claims for relief, remuneration, sums of money, accounts or expenses (including attorneys’ fees and costs other than claims for such fees and costs that are not released pursuant to Section l(b)
below) of any kind whatsoever, whether known or unknown or contingent or absolute, which heretofore has been or which hereafter may be suffered or sustained, directly or indirectly, by Executive Releasers, including, without limitation, any
obligations of Employer Releasees in consequence of, arising out of, or in any way relating to: (a) Executive’s employment with the Company; (b) the termination of Executive’s employment with the Company; (c) the Employment
Agreement, except that Executive’s obligations shall remain under Sections 9 and 10 of the Employment Agreement; or (d) any events, acts, or omissions occurring on or prior to the date of this General Release (collectively,
“Executive Claims”). The foregoing release, discharge and waiver 

  
 17 

 
includes, but is not limited to, all waivable Executive Claims and any obligations, liabilities or causes of action arising from such Executive Claims, under common law including, but not limited
to, wrongful or retaliatory discharge, breach of contract (including but not limited to any claims under the Employment Agreement other than claims for unpaid severance benefits, bonus or Base Salary earned thereunder), libel, slander, defamation or
intentional infliction of emotional distress; and further includes, but is not limited to, any claims and claims under any federal, state or local statute, ordinance, or regulation, including, but not limited to, the Age Discrimination in Employment
Act (“ADEA”), Title VII of the Civil Rights Act of 1964, other civil rights statutes including, without limitation 42 U.S.C. § 1981, 42 U.S.C, § 1982, and 42 U.S.C. § 1985, the National Labor Relations Act, the Employee
Retirement Income Security Act, the Americans with Disabilities Act of 1990, the Rehabilitation Act of 1973, the Family and Medical Leave Act, the Sarbanes-Oxley Act, the Occupational Safety and Health Act, the Immigration Reform and Control Act,
the Georgia Fair Employment Practices Act of 1978, the Georgia Equal Pay Act, the Georgia Equal Employment for People With Disabilities Code, or any other applicable state or local labor or human rights laws, as such laws have been amended, or the
discrimination or employment laws of any state or municipality, and/or any claims under any express or implied contract which Executive Releasers may claim existed with Employer Releasees. This also includes a release of any claims for wrongful
discharge and all claims for alleged physical or personal injury, emotional distress, damages, attorneys or experts fees, interest and penalties relating to or arising out of Executive’s employment with the Company or any of its subsidiaries or
affiliates or the termination of that employment, and any claims under the Worker Adjustment and Retraining Notification Act or any similar law, which requires, among other things, that advance notice be given of certain work force reductions. 

(b) Notwithstanding anything contained in Section l(a) above to the contrary, nothing contained in herein shall constitute a release by any
Executive Re leaser of any of his, her or its rights or remedies available to him, her or it, at law or in equity, related to, on account of, in connection with or in any way pertaining to the enforcement of: (i) any right to indemnification,
advancement of legal fees or directors and officers liability insurance coverage existing under the constituent documents of the Company or applicable state corporate, limited liability company and partnership statutes or pursuant to any agreement,
plan or arrangement; (ii) any rights to the receipt of employee benefits which vested on or prior to the date of this General Release; (iii) the right to receive severance and other benefits under the Employment Agreement; (iv) the
right to continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act; or (v) this General Release or any of its terms or conditions. Executive shall indemnify and hold the Company harmless from any claim by any
Executive Releaser that has been released hereunder. 
 2. Excluded from this General Release and waiver are any claims that cannot be waived by applicable
law, including but not limited to the right to participate in an investigation conducted by certain government agencies. Executive does, however, waive Executive’s right to, and will not accept, any monetary payment should any government agency
(such as the Equal Employment Opportunity Commission or Department of Labor) pursue any claims on Executive’s behalf. Executive represents and warrants that Executive has not filed any complaint, charge, or lawsuit against the Employer
Releasees with any government agency, any court, or arbitrator. 

  
 18 

 3. Executive acknowledges that Executive is not entitled to, and will not receive, any payments or benefits of
any kind from the Employer Releasees, as the case may be, other than as set forth in this General Release, and that no representations or promises to the contrary have been made to Executive. Executive further acknowledges and agrees that the
consideration received for this General Release exceeds any payment, benefit or other thing of value that the Company may owe Executive for his services, 

4. Executive agrees that, after Executive’s service with the Company, Executive will not, directly or indirectly, through any agent or affiliate, make any
disparaging comments or criticisms (whether of a professional or personal nature) to any individual or other third party (including without limitation any present or former member, partner or employee of any member of the Company Group) or entity
regarding any member of the Company Group (or the terms of any agreement or arrangement of any member of the Company Group) or any of their respective affiliates, members, partners or employees, or regarding Executive’s relationship with any
member of the Company Group or the termination of such relationship which, in each case, are reasonably expected to result in damage to the business or reputation of any member of the Company Group or any of its affiliates, members, partners or
employees. The foregoing nondisparagement provision does not apply on occasions when Executive provides truthful information in good faith to any federal, state, or local agency investigating an alleged violation of any anti-discrimination or other
employment-related law or otherwise gathering information pursuant to any official investigation, hearing, trial or proceeding or providing truthful testimony in any legal proceeding. The Company agrees that its then current or acting Chief
Executive Officer will not, and will direct his or her direct reports not to, directly or indirectly, make any disparaging comments or criticisms (whether of a professional or personal nature) about Executive, which are reasonably expected to result
in damage to the business or reputation of Executive; provided that nothing shall restrict such individuals or the Company from making any legitimate disclosure required under any law or regulations or if necessary in the course of its business and
operations (including any such disclosures to its counsel and outside accountants). 
 5. Each party agrees that neither this General Release, nor the
furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission by any party of any improper or unlawful conduct. 

6. Executive acknowledges and recites that he has: 

(a) executed this General Release knowingly and voluntarily; 

(b) had a reasonable opportunity to consider this General Release; 

(c) read and understands this General Release in its entirety; 

(d) been advised and directed orally and in writing (and this subparagraph (d) constitutes such written direction) to seek legal counsel
and any other advice he wishes with respect to the terms of this General Release before executing it; and 
 (e) relied solely on his own
judgment, belief and knowledge, and such advice as he may have received from his legal counsel. 
 7. Section 17 of the Employment Agreement, which survives
the expiration of the Employment Agreement, shall apply to any dispute with regard to this release. 

  
 19 

 8. Executive acknowledges and agrees that (a) his execution of this General Release has not been forced by
any employee or agent of the Company or any of its affiliates, and Executive has had an opportunity to negotiate the terms of this General Release and (b) he has been offered fifty two (52) calendar days after receipt of this General
Release to consider its terms before executing it. Executive shall have seven (7) calendar days from the date he executes this General Release to revoke his or her waiver of any ADEA claims by providing written notice of the revocation to the
Company, as provided in Section 13 of the Employment Agreement. 
 9. Capitalized terms used but not defined in this General Release have the meanings
ascribed to such terms in the Employment Agreement. 
 10. This General Release may be executed in any number of counterparts, each of which shall be deemed
an original, but all such counterparts shall together constitute one and the same instrument. Signatures delivered by facsimile or PDF shall be effective for all purposes. 

IN WITNESS WHEREOF, the parties hereto have executed this General Release as of the day and year first above written. 

 

			
	D.S. WATERS OF AMERICA, INC.:
		
	By:	 	 /s/ Ron Z. Frieman

	Name: Ron Z. Frieman
	Title: CFO
	
	EXECUTIVE:
	
	 /s/ Thomas J. Harrington

	Name: Thomas J. Harrington

  
 20 

 Schedule A 

Existing Equity Rights 
  

	 	•	 	DSW Group, Inc. Stock Option Plan 

  

	 	•	 	Stock options granted on June 1, 2006, September 9, 2008, and December 1, 2009 

  

	 	•	 	Units in DS Waters Holdings LLC (providing a profits interest in proceeds to the LLC) 

  

	 	•	 	Right to Minority Guaranteed Payments as provided in the Restructuring Settlement and Plan Support Agreement, as amended, and the Minority Guaranteed Payments Agreement 

  
 21EX-10.15

 Exhibit 10.15 

RETIREMENT AND RELEASE AGREEMENT 
 THIS
RETIREMENT AND RELEASE AGREEMENT, dated as of February 5, 2013 (this “Agreement”), is entered into by and between K. Dillon Schickli (“Executive”) and DS Waters of America, Inc. (the
“Company”). 
 WHEREAS, D.S. Waters of America, LP and the Company and Executive entered into an employment agreement dated
November 15, 2005 (the ‘‘Employment Agreement”) providing for the Executive’s employment with the Company; and 

WHEREAS, Executive is retiring from the Company effective as of February 5, 2013 (the “Separation Date”); and 

WHEREAS, the Employment Agreement provides for certain payments conditioned upon Executive’s execution and delivery of a release in connection
with his separation from employment; and 
 WHEREAS, the Company has agreed to additional payments in consideration of the terms and conditions set
forth herein and the Executive’s compliance with the terms thereof. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants
contained in the Agreement and other good and valuable consideration, the parties agree as follows: 
 1. Resignation from the Company. 

 

	 	a.	Executive hereby irrevocably and unconditionally retires from the Company as of the Separation Date and resigns from the Board of Directors (the “Board”) the Company and all positions he holds with any
entity set forth in the attached Annex A (collectively, the “Company Group”). On and from the Separation Date, Executive shall no longer hold any positions as a director, officer, employee or otherwise with any entity in the
Company Group. 

  

	 	b.	After the Separation Date, Executive agrees not to represent himself to any other person or entity as an employee or otherwise having a position with any member of the Company Group. After the Separation Date, Executive
shall have no authority to, and hereby agrees not to, legally, contractually or otherwise bind any member of the Company Group or incur any liabilities on their behalf. 

 

	 	c.	Attached on Annex B is a resignation letter to be executed and delivered by Executive as of the Separation Date. Set forth on Annex C are the agreed upon external and internal statements to be made by the
Company and Executive and the Company and Executive agree that any disclosure by the Company or Executive, either internally or externally, regarding the circumstances of this Agreement shall be in a manner consistent with the terms of Annex
C. Following the execution of this Agreement, the Executive may disclose the fact of his retirement to the Company’s management team and workforce through the circulation of an internal e-mail set forth on Annex C. 

	 	d.	After the Separation Date, Executive will no longer have access to the Company’s offices or email systems except to the extent invited by a director or the Chief Executive Officer. During the period beginning on
the Separation Date and continuing through August 15, 2013, the Company shall configure Executive’s Company email address with an out-of-office autoresponder in the form attached as Annex D. Subsequent to the Separation Date (i) the
Company shall forward to the Executive for six months from the Separation Date physical mail addressed to Executive to an address designated by the Executive (unless notified by the Executive that he has made other arrangements) and
(ii) Executive’s e-mail correspondence with executives and employees of the Company shall not include any “mass” or group distributions and in the case of one-on-one communications shall be consistent with the terms of this
Agreement. 

 2. Payments. Conditioned upon the Effective Date (as defined below), and Executive’s compliance with the
terms of this Agreement, Executive shall be entitled to the following, in accordance with the Company’s normal payroll procedures and subject to applicable taxes and withholdings, as applicable: 

 

	 	a.	A payment equal to one million one hundred twenty five thousand dollars ($1,125,000) attributable to severance, payable in a lump sum on the tenth
(10th) business day following the Effective Date and conditioned on Executive’s prior execution of a “Participation Notification Letter,” in the form issued by the Board under
the “TMIP” (as defined below) and as provided for below; 

  

	 	b.	A payment equal to one million dollars ($ 1,000,000) attributable to compensation related to his service on the Board through the Separation Date, payable in a lump sum on the tenth (10th) business day following the Effective Date and conditioned on Executive’s prior execution of a “Participation Notification Letter,” in the form issued by the Board under the
“TMIP” (as defined below) and as provided for below; 

  

	 	c.	Subject to Executive’s timely election of COBRA continuation rights available under applicable law with respect to any insurance plans maintained by the Company (including, if applicable, any of the Company’s
group medical, dental, prescription and vision benefits plans), reimbursement for any premiums paid by Executive in connection with his continued coverage under COBRA for a period of twelve (12) months following the Effective Date;
provided that payment of such premiums shall cease upon the date Executive qualifies (or could have qualified) for group health benefits offered in connection with other employment Executive obtains, or when Executive is otherwise
ineligible to continue coverage under COBRA; 

  

	 	d.	 Participation in a Transaction Management Incentive Plan (the “TMIP”) as adopted and administered by the Board or plan administrator,
on the same terms and conditions as those applicable to other senior executives participating in the TMIP (including the timing of payments due under the TMIP but excluding any vesting or active service requirements as a condition for payment, which
shall not 

  
 - 2 - 

	 	
be applicable to the Executive as a result of his retirement). Executive shall receive, subject to the terms and conditions of the TMIP, an allocation percentage equal to be 20% of the designated
and available payment pool (if any) under the TMIP in connection with a covered corporate transaction for which definitive documentation has been executed in the 2013 calendar year (and not materially amended thereafter) (any such payment, a
“2013 TMIP Payment”), and 5% of the designated and available payment pool (if any) under the TMIP in connection with a covered corporate transaction for which definitive documentation has been executed in the 2014 calendar year (and
not materially amended thereafter) (any such payment, a “2014 TMIP Payment”). Executive shall not receive any TMIP payments made in connection with a covered corporate transaction for which definitive documentation is executed or
materially amended after the 2014 calendar year. For the avoidance of doubt, nothing in this Agreement shall be construed to create an obligation on the part of the Company or any other person or entity to adopt the TMIP so as to provide for any
guaranteed or minimum payment pool, or designated percentage of proceeds arising from any covered corporate transaction (it being understood that the Executive shall be entitled only to his pro rata interest in whatever amounts are determined to be
available), or to maintain the TMIP without amendment or modification in accordance with its terms, provided that any such amendment or modification shall not adversely affect Executive’s rights in a manner not generally applicable to senior
executives of the Company. For the period during which the Executive has a right to receive a 2013 TMIP Payment or 2014 TMIP Payment (the “Applicable Period”), in the event that (i) the Company fails to adopt the TMIP and instead
substitutes a new plan providing for compensation to employees in connection with a corporate transaction, then the Executive shall participate in such other plan in a manner that would have applied had such plan been adopted as the TMIP, and
(ii) if within one hundred and twenty (120) days of the Separation Date, and after the adoption of the TMIP, the Company adopts another compensation plan or arrangement in connection with a corporate transaction covering multiple executive
level participants (“Other Plan”), then Executive shall be entitled to receive a pro rata share of additional payments associated with the Other Plan (it being understood that the modification of existing severance/change of control
agreements with senior management and/or execution of an employment agreement with the Executive’s replacement shall not constitute an Other Plan). In addition, following the adoption of the TMIP (and other than with respect to any Other Plan)
and during the Applicable Period, the Company shall not adopt or implement another compensation plan or arrangement in connection with a corporate transaction covering multiple executive level participants that reduces the proceeds payable to the
Executive and other participants in the TMIP. Notwithstanding the adoption of the TMIP, neither the Company nor the Board nor any equityholders shall be under any obligation to engage in a corporate transaction whether covered under the TMIP or
otherwise. Simultaneously with the execution of this Agreement, Executive shall execute and deliver the “Participation Notification Letter” in the form issued by the Board, as provided for in this Section 2(d).

  
 - 3 - 

	 	
For purposes of this Agreement (including Exhibit A hereto), references to “Restricted Period” shall mean the period commencing as of the Separation Date and continuing until the
earlier of (i) December 31, 2015 or (ii) the one year anniversary of the occurrence of a 2013 TMIP Payment or a 2014 TMIP Payment (as the case may be). 

 

	 	e.	Executive shall be provided with a payment equal to accrued and unpaid Base Salary, Guaranteed Bonus (as defined in Executive’s Employment Agreement), automobile allowance, and housing allowance through the
Separation Date, and accrued but unused vacation time as of the Separation Date, payable in a lump sum totaling $ 60,000 on the tenth (10th) business day following the Effective Date in
accordance with the Company’s normal payroll procedures and subject to applicable taxes and withholdings. Executive shall also be reimbursed for business expenses properly incurred by Executive in accordance with Company policy on or prior to
the Separation Date (not to exceed $ 10,000), with such amounts to be paid in a lump sum forty-five (45) days after the Separation Date; provided that claims for such reimbursement (accompanied by appropriate supporting documentation)
are submitted to the Company within thirty (30) days following the Separation Date; 

  

	 	f.	Executive shall be repaid an amount equal to $386,230.15 for advances paid by Executive in connection with the restructuring of the Company, payable in a lump sum on the tenth (10th) business day following the Effective Date; and 

  

	 	g.	Executive shall be reimbursed for all reasonable and documented legal fees and related expenses incurred in connection with the drafting, negotiation and execution of this Agreement and Executive’s decision to
retire, up to a maximum of $40,000; provided that claims for such reimbursement (accompanied by appropriate supporting documentation) are submitted to the Company within ten (10) days following the Separation Date. (These payments shall
be reported by the Company on Form 1099-MISC issued to Executive and his counsel). 

 3. No Rights to Further Payment. Except as
expressly provided for in Section 2 of this Agreement, Executive is not entitled to any further payments, compensation, or benefits in connection with his retirement from the Company and resignation from all positions he holds with any member
of the Company Group, other than any vested benefits under employment benefit plans of the Company. Executive acknowledges and agrees that as of the Separation Date, Executive shall not be eligible to participate or continue to participate in any
employee benefit plans or compensation arrangements of the Company or any member of the Company Group or otherwise be entitled to any perquisite or fringe benefit, except as specifically set forth in this Agreement. 

  
 - 4 - 

 4. Release by Executive. 
  

	 	a.	Executive, for and on behalf of himself and Executive’s heirs, successors, agents, representatives, executors and assigns (the “Executive Releasors”), hereby waives and releases any common law,
statutory or other complaints, claims, demands, expenses, damages, liabilities, charges or causes of action (each, a “Claim”) of any nature whatsoever, both known and unknown, in law or in equity, which the Executive Releasors may
now have, ever had, or may in the future have against the Company Group and the equityholders set forth in Schedule I (collectively, the “Equityholders”), or any equityholder, member, general partner, director, officer or employee
of the foregoing or their affiliates, including their successors and assigns (collectively, the “Company Releasees”), arising out of or in any way related to events, acts, omissions or conduct occurring at any time prior to and
including the date of this Agreement, including, without limitation (and for purposes of the remainder of this sub-clause, in addition to the Company Group and the Equityholders (and Company Releasees relating thereto), any representative,
administrator, trustee, attorney, insurer, fiduciary or agent of the Company Group or the Equityholders), any Claim arising out of or relating to Executive’s employment or termination of employment with, or Executive’s serving in any
capacity in respect of, any of the Company Group or any claim for any severance benefit which might have been due Executive or any complaint, charge or cause of action arising out of his employment with the Company Group under the Age Discrimination
in Employment Act of 1967 (“ADEA”, a law which prohibits discrimination on the basis of age against individuals who are age 40 or older), the National Labor Relations Act, the Civil Rights Act of 1991, the Americans with
Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Family Medical Leave Act, the Equal Pay Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the
Rehabilitation Act of 1973, the Worker Adjustment and Retraining Notification Act, the New York State Human Rights Law, the New York Executive Law, the New York Labor Law, the New York City Administrative Code, the Georgia Fair Employment Practices
Act of 1978, the Georgia Equal Pay Act, and the Georgia Equal Employment for People With Disabilities Code, all as amended; and all other federal, state and local statutes, ordinances and regulations. By signing this Agreement, Executive
acknowledges that Executive hereby waives and releases any rights known or unknown Executive may have against the Company Releasees (and all other releasees of the Executive hereunder) under these and any other laws; provided that, Executive
does not waive or release (i) Claims with respect to the Ancillary Interests (as defined below), (ii) Claims for indemnification under the Company’s Certificate of Incorporation or By-laws, that certain Indemnification Agreement
entered into by and among DSW Group Holdings, LLC, the Company, and Executive dated April 20, 2012, or pursuant to any other written indemnification agreement between Executive and any of the Company Releasees, or coverage under any D&O
insurance policy applicable to Executive, in each case with respect to his service with the Company through the Separation Date, (iii) vested rights under any employee benefit plans, including but not limited to the Company’s 401(k) plan,
and (iv) any claims or rights which cannot be waived by law. Nothing in this Agreement shall prevent the Executive from filing any charge or claim with any administrative agency regarding any of the foregoing laws, provided that even if
Executive files such a charge or participates in any related investigation or proceeding, Executive shall not be able to recover damages of any kind. Executive shall indemnify and hold the Company Releasees (and all other releasees of the Executive
hereunder) harmless from any claim by any Executive Releasor that has been released hereunder. 

  
 - 5 - 

	 	b.	For the purpose of implementing a full and complete release and waiver, Executive expressly acknowledges that the release described in this Section 4 is intended to include, without limitation, claims that
Executive did not know or suspect to exist at the time of signing, regardless of whether the knowledge of such claims, or the facts upon which they might be based would materially have affected such release; and that the consideration given under
this Agreement was also for the release of those claims and contemplates the extinguishment of any such unknown claims. 

  

	 	c.	Executive represents that Executive has not transferred or assigned, or purported to transfer or assign, to any person or entity, any claim described in this Agreement. Executive further agrees to indemnify and hold
harmless each and all of the Company Releasees (or any other releasee of the Executive hereunder) against any and all claims based upon, arising out of, or in any way connected with any such actual or purported transfer or assignment.

 5. Release by the Company. The Company, for and on behalf of itself, the Company Group, and their respective agents,
subsidiaries, employees, officers, directors, attorneys, successors and assigns, and for and on behalf of the Equityholders with representatives on the Board, in each case in their capacities as such (together, the “Company
Releasors”), hereby waives and releases any Claim of any nature whatsoever, both known and unknown, in law or in equity, which the Company Releasors may now have, ever had, or may in the future have against the Executive and Executive’s
heirs, successors, agents, representatives, executors and assigns (the “Executive Releasees”), including, without limitation, any Claim arising out of or relating to Executive’s employment or termination of employment with, or
Executive’s serving in any capacity in respect of, any of the Company Group. Notwithstanding anything contained in this Agreement to the contrary, nothing contained in herein shall constitute a release by any Company Releasor of any of his, her
or its rights or remedies available to him, her or it, at law or in equity, related to, on account of, in connection with or in any way pertaining to the enforcement of: (i) any claims involving acts of fraud, theft, breach of fiduciary duty or
criminal conduct based on facts of which the “Designated Company Representatives” (as defined below) did not have actual knowledge as of the date hereof; and/or (iii) any claims or rights which cannot be waived by law. For the purpose
of implementing a full and complete release and waiver, the Company, for an on behalf of the Company Releasors, expressly acknowledges that the release described in this Section 4 is intended to include, without limitation, claims that the
Company Releasors did not know or suspect to exist at the time of signing, regardless of whether the knowledge of such claims, or the facts upon which they might be based would materially have affected such release (unless otherwise provided for
above); and that the consideration given under this Agreement was also for the release of those claims and contemplates the extinguishment of any such unknown claims. The Company, for an on behalf of the Company Releasors, further represents that
the Company Releasors have not transferred or assigned, or 

  
 - 6 - 

 
purported to transfer or assign, to any person or entity, any claim described in this Agreement. The Company further agrees to indemnify and hold harmless each and all of the Executive Releasees
against any and all claims based upon, arising out of, or in any way connected with any such actual or purported transfer or assignment. For purposes of this release, “Designated Company Representatives” shall mean the representatives of
the Equityholders currently serving on the Board, as of the date hereof. 
 6. Covenants. 

 

	 	a.	Executive ratifies and confirms that he will, during the Restricted Period, comply with the post-termination restrictions and obligations set forth herein as Exhibit A and that any breach or threatened breach by the
Executive of the provisions of Exhibit A shall entitle the Company to equitable and injunctive relief without the posting of any bond or security. 

  

	 	b.	Executive agrees to keep the terms and conditions of this Agreement confidential and not to disclose this Agreement or its terms to any person or entity whatsoever, except: (i) with the mutual written consent of
the Company; (ii) to Executive’s attorneys, accountants, auditors, or financial or professional advisors, as long as such individuals agree that they are subject to the confidentiality provisions described herein; (iii) to
Executive’s immediate family, as long as such individuals agree that they are subject to the confidentiality provisions described herein; (iv) as expressly required by Section 6(c) below; or (v) as may be required by law or in
any proceeding to enforce this Agreement. 

  

	 	c.	Executive agrees to take all actions, including executing and delivering all documents reasonably necessary to effectuate and accomplish his obligations under this Agreement. Executive agrees to disclose the existence
of the obligations under the restrictive covenants set forth in Exhibit A to this Agreement to any prospective employer, partner, co-venturer or investor, in each case who is engaging in or is reasonably likely to engage in, the competitive
activities falling within Section 1(a) of Exhibit A. 

  

	 	d.	 Executive agrees and acknowledges that Executive’s ongoing compliance and adherence to the covenants and responsibilities set forth in this
Agreement, including those obligations set forth in Exhibit A hereto, are a material inducement to the Company to enter into this Agreement and to make the payments detailed in Section 2 to Executive and, as such, it is agreed by the parties
that a material breach of this Agreement, which breach has caused damage to the Company and (to the extent curable) has not been cured by the Executive within ten (10) business days following notice from the Company, shall, in addition to any
other remedies any member of the Company Group may have under applicable law (including, without limitation, remedies described in Item 4 of Exhibit A hereto), entitle the Company to (i) withhold any unpaid amounts due under Section 2
of this Agreement (including any payments under the TMIP) until resolution of the matters; (ii) in the case of any breach of Section (4)(“Release by 

  
 - 7 - 

	 	
Executive”), demand repayment of sums previously paid to Executive under Section 2, (iii) set off against any obligation or payment due or payable to the Executive from the Company
or any member of the Company Group any fixed obligation or payment due from the Executive (unless otherwise in contravention of any judgment of any court or applicable law); or, (iv) seek damages for any such breach. 

 

	 	e.	Notwithstanding the foregoing and all other provisions of this Agreement and Exhibit A hereto, nothing in this Agreement shall restrict the Executive, the Company, the Company Group, or the Equityholders (or their
executive, shareholders, employees or agents) from (a) complying with the terms of (i) any subpoena or other legal process, (ii) any court order, or (iii) the request of any governmental entity, (b) making statements
reasonably necessary or appropriate in connection with any legal dispute between Executive and any Company Releasor, or (c) making statements in response to any statement or action by the other party made in violation of this Agreement. The
parties agree that prior to making any disclosures required by a subpoena or other court order, they shall provide the other party with written notice of the subpoena, court order or similar legal process sufficiently in advance of such disclosure
to afford the other party a reasonable opportunity to challenge the subpoena, court order or similar legal process. 

  

	 	f.	The Company acting through its Designated Company Representatives, and its Chief Executive Officer and Chief Financial Officer, shall not make at any time following the Separation Date any statement or permit or
authorize any statement to be made which is calculated or reasonably likely to damage the reputation or cause other damage to Executive. 

7. Cooperation. Executive agrees that, when reasonably requested by the Company and its counsel at any time during the Restricted Period,
Executive will (i) provide transition assistance to the Company Group (including responding to inquiries regarding the status of matters as to which Executive was involved or may have had knowledge of, and with reasonable prior notice, visiting
any designated customer, supplier and other business party) and (ii) cooperate with the Company Group in any litigation, administrative proceeding, audit, regulatory report, investigation or inquiry that involves the Company Group or the
Company Releasees, about which Executive may have knowledge or information, such cooperation to be provided at times and in a manner reasonably convenient to Executive and with due regard for his personal and professional obligations. Executive will
be reimbursed for his reasonable out of pocket expenses (including attorneys’ fees) incurred in connection with such cooperation provided in any manner other than telephonically and shall be entitled to (a) a fee of $5,000 per day for such
cooperation with respect to in-person services falling within sub-clause (i) in the preceding sentence and that exceed five days and (b) a fee of $2,500 per day for cooperation with respect to in-person services falling within sub-clause
(ii) in the preceding sentence in excess of five (5) days per year during each year of the Restricted Period (but without any such payment for time spent testifying in connection with any proceeding or action). Executive shall not counsel
or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, 

  
 - 8 - 

 
charges, or complaints on behalf of any private (non-governmental) third party against the Company, or any of the Company Releasees, unless under a subpoena or other court order to do so, in
which case the Executive shall follow the procedures set forth in Section 6(e) above; provided that this sentence shall not apply to any charge or lawsuit where by law a non-assistance agreement is invalid. Executive agrees that, at any time
during the Restricted Period, directly or indirectly, unless Executive has prior written authorization from the Company, Executive will not (i) disclose, participate in the disclosure or allow disclosure of any Confidential Information about
the Company Group or its present or former customers and suppliers, executives or other employees, or board members or equity holders, or legal matters involving the Company Group and resolution or settlement thereof, or any aspects of the business
of the Company Group or Executive’s employment with the Company Group or of the termination of such employment, to any private equity firm, hedge fund or investment firm who is not an Equityholder (collectively an “Outside Investor”),
or any acquiror or prospective acquiror of the Company Group, or take any other action disclosing or likely to result in such information being made available to the general public in any form (including as a result of any interview, article,
broadcast, blog or web or social network posting), or (ii) in any manner assist, cooperate with or participate with any person or entity with respect to any potential bid, acquisition or transaction involving the Company Group. In addition,
through to and including December 31, 2014, Executive shall refuse any request to discuss or disclose any information regarding the business and affairs of the Company with any Outside Investor or reporter, journalist, author or media
representative (and take reasonable steps to notify the Company of such request), other than information relating to the Executive’s biographical information and/or professional work experience. 

8. Representations and Acknowledgments. 
  

	 	a.	 Executive represents and agrees that he will within fourteen days after the Separation Date use reasonable efforts to return to the Company all
Company documents and property belonging to the Company, including, but not limited to, any Company-issued laptop, blackberry, keys, card access to the building and office floors, internal policies, work files (both electronic and hard copy) and
other confidential business financial information and documents, such as any recordings made of Company meetings as of the Separation Date, provided that Executive may retain any such documents as have been provided to lenders to or equityholders of
the Company Group. Notwithstanding the foregoing, (i) with respect to documents in locations other than Executive’s Arizona and Georgia residences, the deadline pursuant to the preceding sentences shall be extended to fourteen days after
his next visit to such locations and (ii) Executive shall be entitled to retain his personal documents, documents concerning various agreements between him and the Company Group, and financial information of the sort provided to lienholders
pursuant to that certain Second Lien Term Loan Credit Agreement dated as of February 29, 2012. Should Executive subsequently locate any of the materials identified in the first sentence of this Section 8(a), he shall promptly return them
to the Company. The Company shall return Executive’s laptop computer to him once the laptop has been processed in accordance with the Company’s customary procedures and shall assist Executive

  
 - 9 - 

	 	
in facilitating the transfer to Executive of (a) his cellular telephone number (404-307-8824) and (b) his computer aircard account, in each case at Executive’s sole expense. The
Executive represents and warrants that he has not misappropriated or willfully retained any computer data or information in violation of the Company’s applicable policies. 

 

	 	b.	Executive acknowledges that Executive has been given twenty-one (21) days from the date of receipt of this Agreement to consider all of the provisions of the Agreement and, to the extent he has not used the entire
21-day period prior to executing the Agreement, he does hereby knowingly and voluntarily waive the remainder of said 21-day period. 

  

	 	c.	EXECUTIVE FURTHER ACKNOWLEDGES THAT HE HAS READ THIS AGREEMENT CAREFULLY, HAS BEEN ADVISED BY THE COMPANY TO CONSULT AN ATTORNEY (AND HAS IN FACT CONSULTED WITH HIS ATTORNEY), AND FULLY UNDERSTANDS THAT BY SIGNING BELOW
HE IS GIVING UP CERTAIN RIGHTS WHICH HE MAY HAVE TO SUE OR ASSERT A CLAIM AGAINST ANY OF THE COMPANY RELEASEES (OR ANY OTHER RELEASEE OF THE EXECUTIVE HEREUNDER), AS DESCRIBED HEREIN AND THE OTHER PROVISIONS HEREOF. EXECUTIVE ACKNOWLEDGES THAT HE
HAS NOT BEEN FORCED OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS AGREEMENT AND EXECUTIVE AGREES TO ALL OF ITS TERMS VOLUNTARILY. 

  

	 	d.	Executive shall be solely responsible for paying, and shall pay, any local, state or federal income taxes, penalties, interest, fines or assessments incurred as the result of any payment of monies or provision of
benefits under Section 2(f) hereof and agrees to indemnify the Company to the extent that the Company incurs any liability with respect to such taxes or related amounts. Without limiting the foregoing, the Company acknowledges that the
reimbursement set forth in Section 2(f) shall not be reported on Form W-2 or Form 1099. 

  

	 	e.	 Nothing in this Agreement shall affect Executive’s remaining rights with respect to (i) Executive’s indirect ownership of common equity
of the Company, (ii) Executive’s direct ownership of membership interests in DSW Group Holdings, LLC; (iii) Executive’s Second Lien participation with Solar Capital as described in that certain Second Lien Term Loan Credit Agreement
dated as of February 29, 2012 and that certain Participation Agreement dated February 29, 2012 and which, as of December 31, 2012, had an accreted par value of $7,237,817.73 (the “Second Lien Interest”),
(iv) Executive’s right to receive a portion of the “Contingent Payment” as the term is defined in that certain Contingent Payment Agreement dated April 20, 2012, and (v) Executive’s right to receive a portion of
the “Minority Guaranteed Payment” as the term is defined in that certain Minority Guaranteed Payment Agreement dated April 20, 2012, in each case as subject to the terms of the applicable documentation (collectively,

  
 - 10 - 

	 	
the “Ancillary Interests”). For so long as Executive continues to hold the Second Lien Interest he shall be entitled to receive such financial and other information as is
provided by the Company Group from time to time to the Lenders under that certain Second Lien Term Loan Credit Agreement dated as of February 29, 2012 or to members of the Company or any member of the Company Group (which for purposes of this
Agreement shall include monthly, quarterly and annual audited financial statements). 

 9. Effective Date. Executive shall have
seven (7) calendar days from the date of Executive’s execution of this Agreement to revoke the release, including with respect to all claims referred to herein (including, without limitation, any and all claims arising under ADEA). If
Executive revokes the Agreement, Executive will be deemed not to have accepted the terms of this Agreement and this Agreement shall be null, void, and of no force or effect. If Executive does not revoke the Agreement, the Agreement will be deemed to
be effective as of the Separation Date (the “Effective Date”). 
 10. Severability; Reformation. In the event that any
one or more of the provisions of this Agreement (including Exhibit A hereto) shall be held to be invalid, illegal or unenforceable, it shall be severed and struck from this Agreement (including Exhibit A hereto), and the validity, legality and
enforceability of the remainder of this Agreement shall not in any way be affected or impaired thereby. Moreover, if any one or more of the provisions contained in this Agreement (including Exhibit A hereto) shall be held to be excessively broad as
to duration, activity or subject, such provisions shall be construed by limiting and reducing them so as to be enforceable to the maximum extent allowed by applicable law. 

11. Entire Agreement; Intended Beneficiaries. This Agreement (including Exhibit A hereto) constitutes the entire agreement between Executive and
the Company regarding the subject matter hereof and is the final, complete and exclusive expression of the terms and conditions of the Agreement, and may only be modified or amended in a writing signed by the parties hereto. Any and all prior
agreements, representations, negotiations and understandings made by the parties, oral and written, express or implied, with respect to the subject matter hereof are hereby superseded. For the avoidance of doubt, following the Separation Date, all
of the provisions of the Employment Agreement will terminate and be without any further force or effect. The Company Releasees (and all other releasees of the Executive hereunder) and any Company Group members are intended beneficiaries of the
provisions of this Agreement running in their favor and no modifications may be made to such provisions without their express written consent. 

12. Survivability. The validity of this Agreement shall be as of the Effective Date, and all representations, warranties, covenants and other
promises set forth in this Agreement shall be true and correct on the Effective Date and the Separation Date and shall survive the execution of the Agreement by the parties. 

13. Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of
New York without regard to the choice of law principles thereof. 

  
 - 11 - 

 14. Jurisdiction; Venue. In the event of any claim or action arising in connection with or relating
to this Agreement, Executive and the Company each irrevocably consents to the exclusive jurisdiction of the courts of the State of New York in the Borough of Manhattan and, if a basis for federal jurisdiction exists, the exclusive jurisdiction of
the United States District Court for the Southern District of New York. Executive and the Company each agree that venue shall be proper in any common pleas court of the State of New York in the Borough of Manhattan or, if a basis for federal
jurisdiction exists, in any Division of the United States District Court for the Southern District of New York. Executive and the Company each waive any right to object to the maintenance of any suit or claim in any of the state or federal courts of
the State of New York on the basis of improper venue or of inconvenience of forum. The Company and the Executive each waive any right to trial by jury in connection with such matters. The party prevailing in any dispute arising in connection with or
related to this Agreement shall be entitled to recover his or its reasonable attorneys’ fees and expenses incurred in connection with such dispute (and the Executive shall have no claim for indemnification with respect to any such fees and
expenses incurred by the Executive, and fees and expenses paid to the Company by the Executive, under any existing indemnification agreement with any member of the Company Group). 

15. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument. 
 16. Section Headings; Inconsistency. The section headings used in this
Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the
Company, the terms of this Agreement shall govern and control. 
 [Signature Page to Follow] 

  
 - 12 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

	
	D.S. WATERS OF AMERICA, INC.
	
	/s/ Ron Frieman
	By: Ron Frieman

  

	
	 EXECUTIVE

	
	/s/ K. Dillon Schickli
	By: K. Dillon Schickli

  
 - 13 - 

 ANNEX A 

Company Group Members 
 DS Waters
Holdings, LLC 
 DSW Group, Inc. 
 DS Waters Enterprises, Inc.

 DS Waters of America, Inc. 
 DS Waters of America, LP 

The operating subsidiaries of DS Waters of America, Inc. 

  
 - 14 - 

 ANNEX B 

Form of Resignation Letter 
 Board of
Directors 
 D.S. Waters of America, Inc. 
 5660 New Northside
Drive, Suite 500 
 Atlanta, GA 30328 
 Ladies and Gentlemen:

 I am retiring and therefore hereby resign, effective February 5, 2013, as the Chief Executive Officer of and a Director of DS Waters of America,
Inc., and from all officer and director positions held at DS Waters Holdings, LLC, DSW Group, Inc., DS Waters Enterprises, Inc., and DS Waters of America, LP., and their respective subsidiaries and affiliates. 

Very truly yours, 
 K. Dillon Schickli 

  
 - 15 - 

 ANNEX C 

Internal and External Communications 

Internal Announcement: 
 To all DS Waters
Associates: 
 I want to thank all DS Waters Associates for your contributions in 2012. Your team effort has resulted in a turnaround of our business after
it suffered through the “Great Recession”. In 2012, DS Waters achieved the strongest net cooler customer growth in over a decade and had a much improved financial performance, including record revenue of nearly $900 Million. We are now
leading the HOD water industry in growth and are a major player in the Office Coffee Service and Filtration businesses! I believe that our 2013 prospects for further significant gains in customer growth and financial performance are great, and
through your continued strong efforts I expect the Company will soon exceed its record 2007 financial performance. The key to the Company’s future is keeping the customers we have and attracting new customers and we will do this through
excellent customer service and execution of our Customer for Life strategies! 
 Having said that, I feel this is a good time to announce my retirement from
DS Waters. It has been a wonderful journey over the last 7 plus years. When Gloria and I were married in 2005, I was retired and told her I had no plans to work again—that obviously changed later that year when I had the opportunity to lead the
buyout of DS Waters with my long term business partners, Stewart Allen and John Krediet, together with Kelso and Company. While we achieved our objective of turning around the Company’s performance in 2006/2007, the recession delayed my return
to retirement. Now that the Company is back on a strong growth curve and firm financial footing, I can retire in peace (and I told Gloria “I mean it this time”). Thankfully, Gloria has stayed by my side and supported me through these last
several challenging years. I will be following DS Waters’ performance closely as I continue to retain a significant financial investment in the Company, and the success of my investment—and related ability to keep Gloria happy during my
retirement—depends on all of you! 
 The best news is that Tom Harrington, our President and Chief Operating Officer, has been doing a great job
“driving the bus,” leading the execution of both the integration of Standard Coffee and changes in the Company’s direction that have resulted in our strong 2012 performance. I am very pleased to announce that Tom is taking over as
President and Chief Executive Officer of the Company effective immediately. I can think of no one more deserving or capable of taking over the “keys” to the DS organization! Knowing that our Company will be in good hands under the
leadership of Tom and the rest of our experienced management team has made my decision to retire much easier. 
 Tom has had a distinguished career with DS
Waters, joining us in 2004 as Senior Vice President of the Central Division and then serving as Western Division President from 2005 to 2008. Tom then became Chief Operating Officer in 2008 and then President as well as Chief Operating Officer in
2011. Prior to joining the Company, Tom was an accomplished leader in the 

  
 - 16 - 

 
carbonated soft drink industry where he held various roles within Coca-Cola Enterprises, Inc. and Coca-Cola North America, including Vice President and General Manager of Coca-Cola Enterprises in
both the New York and Chicago Divisions. Tom is a graduate of Pennsylvania State University and the Kellogg Institute of Management. 
 Please join me in
congratulating Tom on his promotion. I expect and trust that all of you will give Tom your support and work hard to drive further growth in our customer base and overall performance in 2013! 

Sincerely, 
 Dillon 

External Announcement: 
 Press Release 

DS Waters CEO Dillon Schickli Announces Retirement; Tom Harrington to Serve as New CEO ATLANTA, Georgia, Feb. [    ], 2013 

DS Waters of America, Inc. today announced the retirement of its chief executive officer, Dillon Schickli, and that its board of directors has named Tom
Harrington to serve as the company’s new chief executive officer, effective immediately. Harrington previously served as the company’s president and chief operating officer; his new role combines the previously divided roles of president
and chief executive officer. 
 Schickli first joined DS Waters in 2005 as co-chief executive officer and board member, and under his leadership the company
quickly saw significant improvements in financial performance, customer service and operating efficiency. In 2012, under the guidance of both Schickli and Harrington, DS Waters achieved its strongest net customer growth in over a decade and had much
improved year-over-year financial performance, including record revenue. “We are now leading the HOD water industry in growth and are a major player in the office coffee service and filtration businesses,” Schickli said. “I believe
that our 2013 prospects for further gains in customer growth and financial performance are great, and I expect the Company will exceed its goals for financial performance.” 

Harrington’s contributions to the company’s strong 2012 performance include both leading the acquisition and integration of the Standard Coffee
Service Company and executing DS Waters’ expanded strategy to become a leading direct-to-consumer beverage services provider. “I can think of no one more deserving or capable of taking over leadership of DS Waters” Schickli stated.
“Knowing that the company will be in good hands under the leadership of Tom and the rest of our experienced management team has made my decision to retire much easier.” 

  
 - 17 - 

 Harrington brings 27 years of beverage industry experience to his new role as the company’s chief executive,
including nine years with DS Waters. After joining the company in 2004 as senior vice president of the central division, Harrington later served as western division president in 2005 and was promoted to chief operating officer in 2008 and president
in 2011. Prior to joining DS Waters, Harrington was in the carbonated soft drink industry where he held various roles within Coca-Cola Enterprises, Inc. and Coca-Cola North America, including vice president and general manager of Coca-Cola
Enterprises in both the New York and Chicago divisions. 
 Harrington said, “I would like to thank Dillon for his contributions and service to DS
Waters, and wish him congratulations on his retirement. DS is one of the service industry’s great companies, with a long history of exceptional customer service and strong positions in each of its key lines of business, delivered from a
platform that provides exciting opportunities for growth. I look forward to continue working with our talented team of associates as we build upon our successes and continue to execute our plans for growth.” 

[ABOUT DS WATERS...] 

  
 - 18 - 

 ANNEX D 

Email Out-of-Office Autoresponder 
 K.
Dillon Schickli retired from the Company on February 5, 2013. Please direct any communications regarding the Company or its business to
                         at
                        . For personal matters, Dillon may be reached through Elaine Bradley at EBradley@water.com. 

  
 - 19 - 

 EXHIBIT A 
  

	1.	NON-COMPETITION; NON-SOLICITATION 

  

	 	(a)	Executive agrees with and for the benefit of the Company that he shall not, during the Restricted Period, directly or indirectly, either as an individual or as a partner or joint venturer or as an employee, principal,
consultant, agent, shareholder, officer, director or salesperson for any person, firm, association, organization, syndicate, company or corporation, or in any manner carry on, be engaged with, interested in, advise, lend money to, guarantee the
debts or obligations of, permit his name or any part of it to be used or employed by any person, business, firm, association, syndicate, company, organization or corporation concerned with or engaged or interested in any water filtration, filtration
services or filtration equipment business, any beverage business that offers home and office delivery, any point of use business, any retail water business, any bottled water business, any brewed beverage (including, without limitation, coffee)
business or any other business in which the Company or its subsidiaries or affiliates is engaged in on the Separation Date in the United States of America and Canada or any other country in which the Company and its Subsidiaries or Affiliates is
engaged in such business. 

  

	 	(b)	Executive further agrees that during the Restricted Period he will not solicit, hire or take away or cause to be hired or taken away, directly or indirectly, for his own benefit or the benefit of any other person or
entity, any employee of the Company or any of its Subsidiaries or Affiliates; provided that such employee was employed by the Company or any of its Subsidiaries or Affiliates on the Separation Date. 

 

	 	(c)	Notwithstanding the foregoing Items 1(a) and 1(b), Executive shall be permitted to own and control in the aggregate not more than 3% of the issued shares of any company which competes with the Company and whose shares
are publicly traded; provided that in all cases any such publicly traded company has a market capitalization in excess of $250 million. 

  

	2.	CONFIDENTIAL INFORMATION; COMPANY PROPERTY 

  

	 	(a)	 For purposes of this Agreement, “Confidential Information” shall include non-public information of the Company’s business and
its clients and affiliates of such clients, including, but not limited to, the pendency or contemplation of certain transactions, the identity of the Company’s clients, counterparts and affiliates (including limited partners of the funds
managed by the Company), the identity of the representatives of clients and counterparts with whom the Company has dealt, the kinds of services provided by the Company to clients and offered to be performed for potential clients, the manner in which
such services are performed 

  
 - 20 - 

	 	
or offered to be performed, the service needs of actual or prospective clients, pricing information, operational methods, investment methodologies (including actual or contemplated investments
and analysis of such investments), information concerning the creation, acquisition or disposition of products, services or business development, computer software applications and other programs, personnel information and other trade secrets.
“Confidential Information” does not include information which (i) is or becomes available to the public generally (other than as a result of Executive’s disclosure) or (ii) becomes available to Executive on a
non-confidential basis from a source other than the Company or its Subsidiaries or Affiliates, provided that such source is not bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the
Company or any other party with respect to such information. 

  

	 	(b)	Executive hereby agrees that he shall not, directly or indirectly, whether individually, as a director, stockholder, owner, partner, employee, principal or agent of any business, or in any other capacity, make known,
disclose, furnish, make available or utilize any Confidential Information, other than in the proper performance of his duties for the Company, or as required by a court of competent jurisdiction or other administrative or legislative body;
provided, however, that prior to disclosing any of the Confidential Information as required by a court or other administrative or legislative body, Executive shall promptly notify the Company so that the Company may seek a protective
order or other appropriate remedy. 

  

	3.	NON-DISPARAGEMENT 

 Executive shall not make at any time following the Separation Date any statement or
permit or authorize any statement to be made which is calculated or reasonably likely to damage the reputation or cause other damage to: (i) the Company or any subsidiary, affiliate, or associated company or its or their employees or officers;
(ii) the Company Releasees; or (iii) the Equityholders. 
  

	4.	EQUITABLE RELIEF 

 Executive acknowledges and agrees that the Company would suffer irreparable injury by
reason of an violation by Executive of the provisions of Section (1)-(3) of this Exhibit A and that the Company would not have any adequate remedy at law, and therefore, Executive consents, in the event of any such violation, to the issuance of
an injunction restraining any further violation 

  
 - 21 - 

 SCHEDULE I 

List of Equityholders 
 Solar Capital,
Ltd. 
 Merrill Lynch Capital Corporation 
 Magnetar Capital
Holdings, Ltd 
 Glenview Capital Master Fund Ltd. 

GoldenTree 2004 Trust 
 Glenview Institutional Partners LP 

Magnetar Capital Fund, LP 
 GoldenTree High Yield Value Fund
Offshore 110 Ltd 
 Longhorn Credit Funding, LLC 
 Midocean
Credit Opportunity Master Fund LP 
 GoldenTree Capital Solutions Fund Financing 

Merrill Lynch Pierce Fenner & Smith Inc. 
 GoldenTree
Capital Solutions Offshore Fund Financing 
 Glenview Capital Partners LP 

Highland Offshore Partners, L.P. 
 Jim Turner 

GoldenTree High Yield Value Fund Offshore (Strategic), Ltd 

Midocean Credit Focus Fund I, L.P. 
 Glenview Offshore
Opportunity Master Fund, Ltd. 
 Glenview Capital Opportunity Fund, LP 

GCM Opportunity Fund, LP 

  
 - 22 -

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