Document:

exv10w10

Exhibit 10.10

THE SECURITIES DESCRIBED HEREIN HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON
EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES ARE
SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT
AS PERMITTED UNDER SAID ACT AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE
SECURITIES ARE ALSO SUBJECT TO RESTRICTIONS ON TRANSFER CONTAINED IN THIS SUBSCRIPTION AND THE
BYLAWS OF THE COMPANY.

THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY
STATE SECURITIES COMMISSION OR ANY OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING
AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OR THE ACCURACY OR ADEQUACY OF THIS DOCUMENT. ANY
REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

SUBSCRIPTION AGREEMENT

                     ___, 200_

Primo Water Corporation

101 N. Cherry Street, Suite 700

Winston-Salem, North Carolina 27101

Gentlemen:

     1. Subscription; Reduction of Subscription Amount; Additional Common Stock.

          a.
The undersigned,                    
                     (“Subscriber”), hereby subscribes for and agrees to
purchase                    
                     
(                     
                   ) shares (as such number may be reduced by the
Company as provided below, the “Series C Shares”) of the Series C Preferred Stock of Primo Water
Corporation, a Delaware corporation (the “Company”), at the price of Two Dollars and 40/100 ($2.40)
per share for an aggregate purchase price of               
                     
      ($                
                 
       ), which amount
shall be tendered to the Company by Subscriber at the closing of the purchase and sale of the
Series C Shares hereunder in the form of a certified check made payable to the Company or a wire
transfer of funds to the Company’s account in accordance with the wire instructions set forth on
Exhibit A attached hereto. The closing of the purchase and sale of the Series C Shares
hereunder shall take place on or before May 31, 2008 on such date and at such time and place as may
be designated by the Company by written notice to Subscriber.

          b. This subscription has been executed and delivered in connection with the “Private
Placement” as defined in the Amended and Restated Investment Summary of the Company dated April 23,
2008 (as amended from time to time, the “Amended and Restated Investment Summary”).
Notwithstanding any provision of this subscription to the contrary, Subscriber hereby agrees that
the Company may, by written notice to Subscriber at any time

 

 

prior to the issuance of the Series C Shares and delivery to Subscriber of a certificate therefor
pursuant to Section 3 below, reduce the number of Series C Shares that may be purchased by
Subscriber under this subscription in such amount as may be determined by the Company in its sole
discretion in order to make available shares of Series C Preferred Stock of the Company for
purchase by other investors whose subscriptions are accepted in writing by the Company, with the
result that the maximum number of shares of Series C Preferred Stock of the Company to be issued in
the Private Placement will be 12,500,000 (unless the Company elects to increase the maximum
subscription amount as described in the Amended and Restated Investment Summary). If the Company
so reduces the number of Series C Shares that may be purchased by Subscriber under this
subscription, then the aggregate purchase price for such Series C Shares payable by Subscriber
hereunder shall be reduced accordingly so that such aggregate purchase price is an amount equal to
Two Dollars and 40/100 ($2.40) multiplied by the number of Series C Shares to be purchased
by Subscriber under this subscription after such reduction, with payment of such aggregate purchase
price to be made in the same manner described in Section 1.a. above. Subscriber hereby
acknowledges and agrees that such reduction of the number of Series C Shares that may be purchased
by Subscriber under this subscription shall not release Subscriber from his obligation to purchase
such reduced number of Series C Shares under this subscription or otherwise affect Subscriber’s
obligations hereunder, and Subscriber shall be and remain obligated to purchase such reduced number
of Series C Shares in accordance with this subscription. Subscriber further hereby acknowledges
and agrees that such reduction of the number of Series C Shares that may be purchased by Subscriber
under this subscription is not required to be, and may not be, equal in amount or percentage to
similar reductions by the Company of the number of shares of Series C Preferred Stock of the
Company that may be purchased under subscriptions executed by other investors in the Private
Placement.

     2. Acceptance by Company. Subscriber hereby acknowledges and agrees that (a) the
Company, in its discretion, may accept or reject all or part of this subscription in its
discretion; (b) this subscription shall not be deemed to have been accepted by the Company until
the Company indicates its acceptance by returning to Subscriber an executed copy of this
subscription, and (c) acceptance by the Company of this subscription is conditioned upon the
information and representations of Subscriber hereunder being complete, true and correct as of the
date of this subscription and as of the date of closing of the purchase and sale of the Series C
Shares hereunder.

     3. Issuance of Shares. Upon (a) the Company’s receipt of two signed copies of this
subscription from Subscriber; (b) the Company’s acceptance of this subscription by executing and
returning to Subscriber one executed copy of this subscription, and (c) the Company’s receipt of
the full purchase price for the Series C Shares in the amount and in the manner set forth above,
the Company will issue the Series C Shares registered in the name of Subscriber and deliver a
certificate(s) therefor to Subscriber.

     4. Issuance of Warrant. Upon the satisfaction of the conditions listed in Section 3
hereof, the Company will issue to Subscriber a common stock purchase warrant, in substantially the
form attached to the Amended and Restated Investment Summary, exercisable to purchase that number
of shares of the Company’s Common Stock as is equal to the product of the aggregate number of
Series C Shares purchased by Subscriber multiplied by 0.10, rounded down to the nearest whole Share
(the “Warrant”).

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     5. Representations and Warranties of Subscriber. Subscriber hereby represents and
warrants to Company, and covenants with Company, as follows:

     a. If Subscriber is an individual, Subscriber is a citizen of
                     and an individual resident of                     , and
Subscriber is not a resident of any other state. If Subscriber is an
entity, Subscriber’s state of formation or incorporation is
                     and Subscriber’s principal place of business is
located in                     .

     b. Subscriber is an “accredited investor” as defined in Rule 501 of
Regulation D enacted under the Securities Act of 1933, as amended (the
“Securities Act”) by reason of the following:                                        
(Indicate the appropriate number from Exhibit B attached hereto).

     c. Subscriber is acquiring the Series C Shares, any shares of Common
Stock of the Company issuable upon conversion thereof, the Warrant,
and any shares of Common Stock of the Company issued upon exercise of
the Warrant or any part thereof (collectively, the “Securities”) for
Subscriber’s own account for investment and not with a view to or in
connection with any distribution or resale thereof. Subscriber does
not have any contract, understanding, agreement or arrangement with
any person or entity to sell or transfer the Securities.

     d. Subscriber understands that (i) the Securities have not been
registered under the Securities Act, or the securities laws of any
jurisdiction, and (ii) the economic risk of Subscriber’s investment in
the Securities must be borne for an indefinite period of time because
the Securities may not be sold or otherwise transferred unless
subsequently registered under the Securities Act and applicable state
securities laws or an exemption from such registration is available.
Subscriber acknowledges and agrees that the Company will be under no
obligation to register the Securities or take any other action
necessary in order to make compliance with an exemption from
registration available. Subscriber further acknowledges and agrees
that the Company may require as a condition to its registration of any
transfer of the Securities an opinion of counsel reasonably
satisfactory to Company to the effect that such transfer will not
violate the registration requirements of applicable securities laws.

     e. Subscriber has been informed that the Securities will not be able to be sold
pursuant to Rule 144 promulgated under the Securities Act unless all conditions of the Rule
are met. Subscriber understands that the Company is not currently required to file periodic
reports with the SEC and does not comply with the “Current Public Information” requirements
of Rule 144, and further understands that the Company will not be required to comply with
these requirements after the issuance of the Securities. Subscriber further understands
that the Company is not currently contemplating complying with the Current Public
Information requirements and consequently Subscriber may not be able to make any offer or
sale of the Securities without registration under the Securities Act except upon compliance
with some other exemption from registration.

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     f. In addition to restrictions under federal and state securities laws,
Subscriber understands that the Securities will be subject to a right
of first refusal in favor of the Company pursuant to the Bylaws of the
Company.

     g. Subscriber (i) has such knowledge and experience with respect to the
financial, tax and business aspects of ownership of the Securities and
of the business contemplated by the Company that Subscriber is capable
of evaluating the merits and risks of investment in the Company and
making an informed investment decision with respect thereto, and (ii)
can bear the economic risk of an investment in the Securities
including the complete loss thereof. Subscriber understands that no
public market now exists for the Securities and that there is no
assurance that there will ever exist a public market for the
Securities.

     h. The proposed investment is suitable for Subscriber based upon
Subscriber’s financial situation. Subscriber’s overall commitment to
investments which are not readily marketable is not disproportionate
to Subscriber’s net worth, and Subscriber’s investment in the Company
will not cause such overall commitment to become excessive.
Subscriber understands that investment in the Company may lead to a
total loss of invested funds, or to illiquidity of invested funds for
an extended period of time. Subscriber has adequate means of
providing for possible personal contingencies and needs, has no need
for liquidity in the proposed investment and can afford the loss of
Subscriber’s entire investment.

     i. Subscriber recognizes that investing in the Company is speculative and involves a
high degree of risk, and Subscriber has taken full cognizance of and understands the risks
related to the purchase of the Securities. Subscriber has reviewed and understands the
Amended and Restated Investment Summary, including the Summary of Terms and Risk Factors set
forth therein.

     j. Subscriber has not been provided with any formal private placement memorandum, but
Subscriber acknowledges the Company has made available to Subscriber all records, documents,
books of account and other materials requested by Subscriber which the Company has in its
possession or which are readily obtainable. Subscriber has had during the course of the
transaction and prior to the execution of this subscription, the opportunity to ask
questions of, and receive answers from, the Company concerning the terms and conditions of
the sale of the Securities and the Company’s business, management and financial affairs, and
to obtain additional information necessary to verify the accuracy of any information
furnished to Subscriber. There is no information Subscriber has requested that has not been
provided to Subscriber. Subscriber understands that Subscriber may request additional
information at any time prior to the acceptance of this subscription by the Company.

     k. Subscriber recognizes and understands that the Amended and Restated Investment
Summary contains forward-looking statements about the Company’s performance and that there
are numerous factors which could cause actual results to differ materially from those
indicated by the forward-looking statements. Subscriber understands and accepts that
forward-looking statements are beyond the ability of the Company to control and, in many
cases, the Company cannot predict all factors that

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would cause actual results to differ materially from those indicated by the forward-looking
statements. In addition, Subscriber understands that the Amended and Restated Investment
Summary reflects management’s plan for the business of the Company. There is no
representation that the projections or other forward-looking statements in the Amended and
Restated Investment Summary (including without limitation in the Business Overview included
therewith) will be achieved.

     l. Subscriber agrees to indemnify, defend and hold harmless the Company, and each other
person, if any, subject to liability because of such person’s connection with the Company,
against all claims, losses, damages, judgments and liabilities (or actions in respect
thereof), including, without limitation, attorneys’ fees and expenses, resulting from any
breach by Subscriber of, or any misrepresentation by Subscriber in, this subscription and to
reimburse the Company and each such other person for any legal and other expenses incurred
by the Company and each such other person in connection with investigating and defending any
such claim, loss, damage, judgment, liability or action.

     6. Legends. The Company may at any time place legends referencing the transfer
restrictions set forth in the Bylaws of the Company and applicable federal or state securities law
restrictions on all certificates representing Securities. Subscriber shall, at the request of the
Company, promptly present to the Company any and all certificates representing Securities in the
possession of Subscriber in order to effectuate the provisions of this Section. Unless otherwise
specified by the Company, legends placed on such certificates may include, but shall not be limited
to, legends in substantially the following form:

	 	a.	 	THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE
SECURITIES LAWS, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED
UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND LAWS
COVERING SUCH SECURITIES, OR THE CORPORATION RECEIVES AN OPINION OF COUNSEL FOR
THE HOLDER OF THESE SECURITIES REASONABLY SATISFACTORY TO CORPORATION, STATING
THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE
REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT AND LAWS.
	 
	 	b.	 	THE SHARES REPRESENTED BY THIS CERTIFICATE, AND THE TRANSFER THEREOF,
ARE SUBJECT TO THE RESTRICTIONS ON TRANSFER PROVISIONS OF THE BYLAWS OF THE
CORPORATION, A COPY OF WHICH IS ON FILE IN, AND MAY BE EXAMINED AT, THE
PRINCIPAL OFFICE OF THE CORPORATION.

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     7. Initial Public Offering.

          a. Subscriber hereby agrees that during the “Lock-Up Period” (as hereinafter defined)
following the effective date of a registration statement of the Company filed under the Securities
Act, it shall not, to the extent requested by the Company and any underwriter, sell, pledge,
transfer, make any short sale of, loan, grant any option for the purchase of, or otherwise transfer
or dispose of (other than to donees who agree to be similarly bound) any shares of capital stock of
the Company held by Subscriber at any time during such period except shares included in such
registration; provided, however, that such agreement shall be applicable only to
the first such registration statement of the Company which covers its Common Stock (or other
securities) to be sold on its behalf to the public in an underwritten offering. Market stand-off
agreements for subsequent registration statements, if any, shall be as agreed to by the Company,
the underwriters and any other party thereto.

          b. For purposes of this Section 7, the “Lock-Up Period” shall be the period applicable to all
officers and directors of Company who enter into similar agreements but in any event shall be not
less than ninety (90) days from the effective date of the registration statement.

     8. Notices. All notices, requests, consents and other communications required or
permitted under this Agreement shall be in writing and shall be deemed to have been delivered on
the date mailed, postage prepaid, by certified mail, return receipt requested, or on the date
personally delivered, (a) if to Subscriber, to the address set forth below for Subscriber, and (b)
if to the Company, to the address set forth above for the Company.

     9. Miscellaneous. This Agreement (a) supersedes any and all other understandings and
agreements, either oral or in writing, between the parties hereto with respect to the subject
matter hereof and constitutes the only agreement between the parties with respect to said subject
matter, (b) shall be governed by, and construed and enforced in accordance with, the laws of the
State of North Carolina, excluding the conflict of laws provisions thereof, and (c) shall be
binding upon and inure to the benefit of the parties, their successors and assigns;
provided, however, that Subscriber may not transfer or assign this subscription or
any interest herein or rights or obligations hereunder without the prior written consent of the
Company. Any such transfer or assignment by Subscriber without the prior written consent of the
Company shall be void and of no force or effect. No change or modification of this Agreement shall
be valid or binding upon the parties hereto unless such change or modification shall be in writing
and shall be signed by the parties hereto; provided, however, that the adjustment
of the number of Series C Shares that may be purchased by Subscriber under this subscription
pursuant to Section 1.b. above may be made by the Company unilaterally in accordance with such
Section 1.b. and without the consent of, or any writing signed by, Subscriber. Subscriber agrees
that all of the representations, warranties and covenants of Subscriber set forth in this
subscription shall survive the purchase of the Series C Shares. If for any reason any provision of
this subscription is determined to be invalid, such invalidity shall not impair the operation of or
affect those portions of this subscription which are valid. This Agreement may be executed in
multiple counterparts, each of which when taken together shall constitute one and the same
agreement.

[The next page is the signature page]

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     IN WITNESS WHEREOF, Subscriber has executed this subscription this ___day of                    ,
200      .

	 	 	 	 	 

	Number of Series C Shares:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Total Purchase Price: 

	 	$ 

	 	 

	 	 	 	 	 
	 
	 

	 	 

(Name of Subscriber)
	 	 
	 
	 

	 	 

(Signature)
	 	 
	 
	 

Social Security or Tax ID Number

	 	 

(Title, if Subscriber is an entity)
	 	 
	 
	 

	 	 

	 	 
	 
	 

	 	 

	 	 
	 
	 

	 	 

(Address)
	 	 
	 
	 

	 	 

(Telephone)
	 	 
	 
	 	 	 	 
	 

	 	 

(Facsimile)
	 	 
	 
	 

	 	 

(Email address)
	 	 

ACCEPTANCE

     The
foregoing subscription is accepted on this the
                    
day of
                    ,
200      .

	 	 	 	 	 
	 	PRIMO WATER CORPORATION

 	 
	 	By:  	 	 
	 	 	Its:  	 
	 	 	 	 

 

 

	 	 	 	 	 

     IN WITNESS WHEREOF, Subscriber has executed this subscription this                     day of                             
            ,
200
   .

	 	 	 	 	 

	Number of Series C Shares:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Total
Payment Enclosed: 

	 	$ 

	 	 
	 

	 	 	 	 	 

	 

	 	 

(Name of Subscriber)
	 	 
	 
	 

	 	 

(Signature)
	 	 
	 
	 

Social Security or Tax ID Number

	 	 

(Title, if Subscriber is an entity)
	 	 
	 
	 

	 	 

	 	 
	 
	 

	 	 

	 	 
	 
	 

	 	 

(Address)
	 	 
	 
	 

	 	 

(Telephone)
	 	 
	 
	 

	 	 

(Facsimile)
	 	 
	 
	 

	 	 

(Email address)
	 	 

ACCEPTANCE

     The foregoing subscription is accepted on this the
                     day of
      
                     
  
           .
200    .

	 	 	 	 	 
	 	PRIMO WATER CORPORATION

 	 
	 	By:  	 	 
	 	 	Its:exv10w11

Exhibit 10.11

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE HEREUNDER HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF
ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE
SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

			
	 	 	 
	Dated:                     
	 	                     Shares
	 	 	 
	 
	 	Certificate No. PCW-___

PRIMO WATER CORPORATION

COMMON STOCK PURCHASE WARRANT

     THIS CERTIFIES THAT for value received, subject to the terms and conditions set forth herein,
                    , or its/his/her permitted assigns (the “Holder”), is entitled to purchase up to                      shares of Common Stock (the “Common Stock”) of Primo Water Corporation, a Delaware
corporation (the “Company”), at a purchase price of Two Dollars and 40/100 ($2.40) per share (as
adjusted from time to time as herein provided, the “Purchase Price”) upon presentation of this
Warrant and payment of the Purchase Price for the shares of Common Stock purchased at the principal
office of the Company or at such other place as shall have been designated by the Company. The
number of shares of Common Stock which are purchasable hereunder, as adjusted pursuant to the
provisions below, is hereinafter referred to as the “Warrant Shares.”

     This Warrant is subject to the following provisions:

     1. Exercise of Warrant. This Warrant may be exercised, in whole or in part, at the
Holder’s election, at any time prior to expiration of the Warrant (subject to Section 6 hereof),
which expiration shall occur upon the earlier of (i) the sixteenth (16th) day after
delivery of a notice of an Exercise Event (as defined below) or (ii)                     . The Holder
may exercise this Warrant by delivery to the Company of a written notice of such exercise and the
tender to the Company of the Purchase Price for the Warrant Shares purchasable pursuant to such
exercise of this Warrant. In case of an exercise to purchase less than all Warrant Shares
purchasable hereunder, the Company shall cancel this Warrant and shall execute and deliver a new
warrant of like tenor for the balance of the shares which may be purchased hereunder. As used
herein, “Exercise Event” means (i) the closing of a public offering of shares of Common Stock
resulting in aggregate proceeds to the Company of an amount greater than Twenty Million Dollars
($20,000,000) (a “Qualified Public Offering”), or (ii) closing of a consolidation, merger or other
corporate reorganization, transfer of voting power or sale of all or substantially all of the
assets of the Company, which, pursuant to the Third Amended and Restated Certificate of
Incorporation of the Company (the “Charter”), may be deemed a liquidation, dissolution or winding
up of the Company.

 

 

     2. Compliance with Securities Laws. The Holder of this Warrant, by its/his/her
acceptance hereof, represents and acknowledges that this Warrant is acquired for the Holder’s own
account for investment purposes only and that this Warrant and the Warrant Shares issuable upon
exercise hereof, respectively, have not been registered under the Securities Act of 1933, as
amended. Accordingly, any transfer of this Warrant and such Warrant Shares shall be subject to
legal restrictions. The Holder agrees that it/he/she will not offer for sale or sell, assign or
pledge, or otherwise dispose of (except through exercise) this Warrant or any Warrant Shares issued
to the Holder pursuant to exercise hereof, except in accordance with applicable securities laws.

     3. Shares of Common Stock in Reserve. The Company agrees at all times to reserve a
sufficient number of authorized but unissued shares of Common Stock for the purposes of the
exercise of this Warrant, and to take such action as may be necessary to ensure that all Warrant
Shares issued upon exercise of this Warrant will be duly and validly authorized and issued and
fully paid and nonassessable.

     4. No Voting or Dividend Rights: This Warrant shall not entitle the Holder to any
voting rights or other rights as a stockholder of the Company, and no dividend or interest shall be
payable or accrued in respect of this Warrant or the interest represented hereby or the Warrant
Shares which may be purchased hereunder until and unless, and except to the extent that, this
Warrant shall be exercised.

     5. Adjustment of Purchase Price and Number of Shares:

     a. The Purchase Price hereof shall be subject to adjustment from time to time. In case
the Company shall (a) pay a dividend on its Common Stock in Common Stock, (b) subdivide its
outstanding shares of Common Stock, or (c) combine its outstanding shares of Common Stock
into a smaller number of shares, then, in such an event, the Purchase Price in effect
immediately prior thereto shall be adjusted proportionately so that the adjusted Purchase
Price will bear the same relation to the Purchase Price in effect immediately prior to any
such event as the total number of shares of Common Stock outstanding immediately prior to
any such event shall bear to the total number of shares of Common Stock outstanding
immediately after such event. An adjustment made pursuant to this Subsection 5.a. (a) shall
become effective retroactively immediately after the record date in the case of a dividend
and (b) shall become effective immediately after the effective date in the case of a
subdivision or combination. The Purchase Price, as so adjusted, shall be readjusted in the
same manner upon the happening of any successive event or events described herein.

     b. Upon each adjustment of the Purchase Price pursuant to subsection 5.a., the number
of shares of Common Stock purchasable upon exercise of this Warrant shall be adjusted to the
number of shares of Common Stock, rounded down to the nearest whole share, obtained by
multiplying (i) the number of shares of Common Stock purchasable immediately prior to such
adjustment upon the exercise of this Warrant, (ii)

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by the Purchase Price in effect prior to such adjustment, and (iii) dividing the
product so obtained by the new Purchase Price.

     c. In case of any capital reorganization of the Company, or of any reclassification of
the Common Stock, this Warrant shall be exercisable after such capital reorganization or
reclassification upon the terms and conditions specified in this Warrant, for the number of shares of stock or other securities which the Common Stock issuable (at the time of such
capital reorganization or reclassification) upon exercise of this Warrant would have been
entitled to receive upon such capital reorganization or reclassification if such exercise
had taken place immediately prior to such action. The subdivision or combination of shares
of Common Stock at any time outstanding into a greater or lesser number of shares of Common
Stock shall not be deemed to be a reclassification of the Common Stock of the Company for
the purposes of this Subsection 5.c.

     d. Whenever the Purchase Price is adjusted as herein provided, the Company shall
compute the adjusted Purchase Price in accordance with Subsection 5.a. and shall prepare a
certificate signed by its chief financial officer setting forth the adjusted Purchase Price
and showing in reasonable detail the method of such adjustment and the fact requiring the
adjustment and upon which such calculation is based, and such certificate shall forthwith be
forwarded to the Holder.

     e. The form of this Warrant need not be changed because of any change in the Purchase
Price pursuant to this Section 5, and any Warrant issued after such change may state the
same Purchase Price and the same number of shares of Common Stock as are stated in this
Warrant as initially issued. The Company, however, may at any time in its sole discretion
(which shall be conclusive) make any change in the form of this Warrant that it may deem
appropriate and that does not affect the substance thereof. Any Warrant thereafter issued
or countersigned, whether in exchange or substitution for an outstanding Warrant or
otherwise, may be in the form as so changed.

     6. Notices to Holder of an Exercise Event. In case of an Exercise Event, the Company
shall use reasonable efforts to cause to be delivered to the Holder at least fifteen (15) days
prior to the date of consummation of such Exercise Event a notice setting forth (i) the occurrence
of the Exercise Event, (ii) the anticipated date of consummation of such Exercise Event, and (iii)
a summary of the material terms and conditions of such Exercise Event. For purposes hereof,
notices or other communications hereunder shall be in writing, and shall be deemed effectively
given upon personal delivery, upon confirmed delivery by facsimile, on the next day following
delivery by a reputable overnight courier, or on the third day following mailing by registered or
certified mail, return receipt requested, postage prepaid, addressed to the address set forth in
the Company’s records.

     7. Replacement Warrant for Lost Certificate: Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and,
in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to the

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Company, and reimbursement to the Company of all reasonable expenses incidental thereto (and
upon surrender and cancellation of this Warrant if mutilated), the Company will execute and deliver
a new warrant of like tenor, in lieu of this Warrant.

     8. Assignability and Binding Effect: This Warrant shall be binding upon and inure to
the benefit of any and all successors and assigns of the Holder and the Company; provided, however,
that no Assignment (as defined below) may be made by the Holder except for an Assignment to an
Approved Party (as defined below). Any Assignment made without first complying with the provisions
of this Section 8 shall be void and of no legal effect.

     9. Amendment and Waiver. Except as otherwise provided herein, the provisions of this
Warrant may be amended and the Company may take any action herein prohibited, or omit to perform
any act herein required to be performed by it, only if the Company has obtained the prior written
consent of the Holder.

     10. Entire Agreement. This Warrant and the Subscription Agreement dated as of the
date hereof, by and between the Company and the Holder, supersede any and all other understandings
and agreements, either oral or in writing, between the parties hereto with respect to the subject
matter hereof, and constitute the only agreement between the parties with respect to such subject
matter.

     11. Definitions. As used herein:

     a. “Affiliates” means with respect to any Person, any Person directly or indirectly
controlling, controlled by, or under common control with such Person. For the purposes of
this definition, “control” (including correlative meanings, such as the terms “controlling”
“controlled by” and “under common control with”), as applied to any Person, means the
possession, directly, indirectly or beneficially, of either: (i) fifty-one (51%) equity
ownership; or (ii) the power to direct or cause the direction of the management and policies
of that Person, whether through the ownership of voting securities or by contract or
otherwise.

     b. “Approved Party” means: (i) Affiliates; (ii) parents (including step-parents and
adoptive parents) and children (including step-children, adopted children and children of
the half-blood); (iii) partners or retired partners of a partnership, or members or retired
members in a limited liability company; or (iv) Persons to whom an Assignment is made with
the prior written approval of the Company. The Company’s approval shall not be unreasonably
withheld, provided that, it may refuse such approval if the proposed assignee is reasonably
believed by the Company to be a competitor of the Company.

     c. “Assignment” means any sale, assignment, gift, pledge, encumbrance or other transfer
or disposition of this Warrant;

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     d. “Person” means an individual, a partnership, a corporation, a limited liability
company, an association, a joint stock company, a trust, a joint venture, an unincorporated
organization and a governmental entity or any department, agency or political subdivision
thereof.

     12. Governing Law. THIS WARRANT SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE WITH,
AND ENFORCED UNDER, THE LAWS OF THE STATE OF NORTH CAROLINA, WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICTS OF LAW OF SUCH STATE.

[THE NEXT PAGE IS THE SIGNATURE PAGE]

5

 

     IN WITNESS WHEREOF, the Company has executed this Warrant under seal effective as of the date
first above written.

	 	 	 	 	 
	 	COMPANY:
	 
	 
	 	PRIMO WATER CORPORATION

 	 
	 	
 	 
	 	Doug Fullerton, Secretary

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