Primo Water announces resolution of litigation with Legion Partners

Primo Water announced that it has agreed to a proposal of settlement offered by Legion Partners dismissing Legion’s Application in the Ontario Superior Court of Justice. Both parties have agreed to bear their own litigation expenses. Pursuant to the settlement, the company has exercised its discretion under Primo Water’s Bylaws to waive any deficiencies in the nomination notice submitted by Legion with respect to Legion’s nominees Henrik Jelert and Lori Tauber Marcus, such that all four of Legion’s nominees will now be permitted to stand for election to the company’s board of directors at the rescheduled 2023 annual and special meeting of shareowners. The board took this compromise action to avoid the ongoing and significant expense and distraction associated with litigation and determined that resolving the outstanding litigation was in the best interests of the company and its shareowners. In order to allow shareowners sufficient time to consider the business of the annual meeting and to review the backgrounds of each of the nominees, and consistent with the settlement agreement, the board has set a new date for the annual meeting of May 31 at which shareowners of record as of April 27 will be entitled to vote. Primo Water will be mailing shareowners a revised proxy statement and a new blue proxy card. Any previously submitted proxies will be discarded and shareowners will be required to resubmit their votes.