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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>UNITED STATES</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>WASHINGTON, D.C. 20549</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>FORM 8-K</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CURRENT REPORT</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Pursuant to Section 13 or 15(d) of</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>The Securities Exchange Act of 1934</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of Report (Date of Earliest Event Reported): November 21, 2019</p>

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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 18pt; margin-bottom: 0pt; margin-left: 0pt; margin-top: 0pt; text-align: center;"><b>Primo Water Corporation</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;">(Exact name of registrant as specified in its charter)</p>
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			<td style="vertical-align:top;width:2.5%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Delaware</b></p>
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			<td style="vertical-align:top;width:2.5%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>001-34850</b></p>
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			<td style="vertical-align:top;width:2.5%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>82-1161432</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or other jurisdiction</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">of incorporation)</p>
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			<td style="vertical-align:top;width:2.5%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Commission</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">File Number)</p>
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			<td style="vertical-align:top;width:2.5%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(IRS Employer</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Identification No.)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>101 North Cherry Street</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Suite 501</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Winston-Salem, NC 27101</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Address of principal executive offices)(Zip Code)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Registrant&#8217;s telephone number, including area code):&nbsp;&nbsp;<b>336-331-4000</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:72pt;margin-right:76.5pt;margin-top:0pt;text-align:center;">Not Applicable</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Former name or former address, if changed since last report.)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction&nbsp;A.2. below):</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:94.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</p>
			</td>
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			<td style="vertical-align:top;width:5.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:94.7%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:94.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
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			<td style="vertical-align:top;width:5.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:94.7%;">&nbsp;</td>
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			<td style="vertical-align:top;width:5.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&#9744;</p>
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			<td style="vertical-align:top;width:94.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
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			<td style="vertical-align:top;width:5.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:94.7%;">&nbsp;</td>
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			<td style="vertical-align:top;width:5.3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&#9744;</p>
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			<td style="vertical-align:top;width:94.7%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
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			<td style="vertical-align:top;width:5.3%;">&nbsp;</td>
			<td style="vertical-align:top;width:94.7%;">&nbsp;</td>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:36pt;margin-top:0pt;text-align:left;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:36pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:36pt;margin-top:0pt;text-align:left;">Emerging growth company &#9744;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:36pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:36pt;margin-top:0pt;text-align:left;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Title of each class</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Trading Symbol(s)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Name of each exchange on which registered</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Common Stock, par value $0.001 per share</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">PRMW</p>
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			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 37.5%; border-left: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">The Nasdaq Stock Market LLC</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:36pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:36pt;margin-top:0pt;text-align:left;">&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 5.02&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</b><b>&nbsp;</b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">On November 1, 2019, Primo Water Corporation, a Delaware corporation (the &#8220;Company&#8221;), announced that Matthew T. Sheehan was terminated as President and Chief Executive Officer of the Company. In connection with his termination, Mr. Sheehan resigned as a member of the Company&#8217;s Board of Directors. The Company appointed its Executive Chairman, Billy D. Prim, to serve as Interim President and Chief Executive Officer, effective upon Mr. Sheehan&#8217;s termination.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In connection with Mr. Sheehan&#8217;s termination, the Company and Mr. Sheehan entered into a severance agreement and release (the &#8220;Severance Agreement&#8221;) providing for severance benefits to Mr. Sheehan that he otherwise would have been entitled to under his employment agreement in the event he were terminated without cause thereunder including, among other things, (i) a lump sum payment to Mr. Sheehan equal to his current annual salary ($464,972), (ii) a lump sum payment equal to Mr. Sheehan&#8217;s average annual bonus earned in 2017 and 2018 ($99,018), and (iii) reimbursement of expenses for the maintenance of COBRA coverage for a period of twelve months ($22,787).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Consistent with Mr. Sheehan&#8217;s employment agreement, the Severance Agreement also provides for (a) the payment of a prorated annual bonus, based on actual performance of the Company in 2019 pursuant to the Company&#8217;s 2019 annual incentive plan, as determined by the Company's Board of Directors in its discretion, and (b) the immediate vesting of any equity compensation awards granted by the Company that were otherwise scheduled to vest at the next vesting date for all awards that have an annual vesting schedule. Pursuant to the terms of the Severance Agreement, Mr. Sheehan has (x) provided the Company with a general release of claims against the Company, (y) agreed not to make disparaging or negative remarks about the Company, and (z) agreed to vote all shares of Company common stock over which he has voting control in favor of all proposals and other matters recommended by the Company&#8217;s Board of Directors at all meetings of the Company&#8217;s stockholders occurring before the first anniversary of the date of the Severance Agreement. Mr. Sheehan signed the Severance Agreement on November 21, 2019 and has seven days from the date he signed the Severance Agreement&nbsp;to revoke the Severance Agreement.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">A copy of the Severance Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K, and the foregoing description of the terms of the Severance Agreement is qualified in its entirety by reference to such exhibit.</p>

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			<td style="width:72pt;vertical-align:top;"><b>Item 9.01</b></td>
			<td style="vertical-align:top;"><b>Financial Statements and Exhibits</b></td>
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			<td style="width:72pt;vertical-align:top;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;"><b><u>Exhibit No.</u></b></p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;"><b><u>Description</u></b></p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">10.1</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><a href="ex_165794.htm" style="-sec-extract:exhibit;">Severance Agreement and Release dated November 21, 2019 by Matthew T. Sheehan and the Company (filed herewith).</a></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SIGNATURES</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:2.9pt;margin-top:0pt;text-align:left;"><b>Primo Water Corporation </b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">Date: November 27, 2019</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">By:</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:left;">/s/&nbsp;David J. Mills</p>
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			<td style="vertical-align: top; width: 6%;">Name:</td>
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			<td style="vertical-align: top; width: 6%;">Title:</td>
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prmw20191125_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 21, 2019
Primo Water Corporation
(Exact name of registrant as specified in its charter)
Delaware
001-34850
82-1161432
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
101 North Cherry Street
Suite 501
Winston-Salem, NC 27101
(Address of principal executive offices)(Zip Code)
(Registrant's telephone number, including area code):
336-331-4000
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.001 per share
PRMW
The Nasdaq Stock Market LLC
Item 5.02            Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 1, 2019, Primo Water Corporation, a Delaware corporation (the "Company"), announced that Matthew T. Sheehan was terminated as President and Chief Executive Officer of the Company. In connection with his termination, Mr. Sheehan resigned as a member of the Company's Board of Directors. The Company appointed its Executive Chairman, Billy D. Prim, to serve as Interim President and Chief Executive Officer, effective upon Mr. Sheehan's termination.
In connection with Mr. Sheehan's termination, the Company and Mr. Sheehan entered into a severance agreement and release (the "Severance Agreement") providing for severance benefits to Mr. Sheehan that he otherwise would have been entitled to under his employment agreement in the event he were terminated without cause thereunder including, among other things, (i) a lump sum payment to Mr. Sheehan equal to his current annual salary ($464,972), (ii) a lump sum payment equal to Mr. Sheehan's average annual bonus earned in 2017 and 2018 ($99,018), and (iii) reimbursement of expenses for the maintenance of COBRA coverage for a period of twelve months ($22,787).
Consistent with Mr. Sheehan's employment agreement, the Severance Agreement also provides for (a) the payment of a prorated annual bonus, based on actual performance of the Company in 2019 pursuant to the Company's 2019 annual incentive plan, as determined by the Company's Board of Directors in its discretion, and (b) the immediate vesting of any equity compensation awards granted by the Company that were otherwise scheduled to vest at the next vesting date for all awards that have an annual vesting schedule. Pursuant to the terms of the Severance Agreement, Mr. Sheehan has (x) provided the Company with a general release of claims against the Company, (y) agreed not to make disparaging or negative remarks about the Company, and (z) agreed to vote all shares of Company common stock over which he has voting control in favor of all proposals and other matters recommended by the Company's Board of Directors at all meetings of the Company's stockholders occurring before the first anniversary of the date of the Severance Agreement. Mr. Sheehan signed the Severance Agreement on November 21, 2019 and has seven days from the date he signed the Severance Agreement to revoke the Severance Agreement.
A copy of the Severance Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K, and the foregoing description of the terms of the Severance Agreement is qualified in its entirety by reference to such exhibit.
Item 9.01
Financial Statements and Exhibits
Exhibit No.
Description
10.1
Severance Agreement and Release dated November 21, 2019 by Matthew T. Sheehan and the Company (filed herewith).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Primo Water Corporation
Date: November 27, 2019
By:
/s/ David J. Mills
Name:
David J. Mills
Title:
Chief Financial Officer