On May 3, 2023, Primo Water Corporation announced that it has entered into a cooperation agreement with Legion Partners Holdings, LLC and certain of its affiliates. The Company stated that pursuant to the cooperation agreement, the Company has (i) appointed 2 of Legion Partners' nominees Derek R. Lewis and Lori T. Marcus to the Board and nominated them for election at the meeting and (ii) withdrawn the nomination of 2 incumbent directors Gregory Monahan and Eric Rosenfeld, who will serve out the remainder of their terms expiring as of immediately prior to the meeting and will not stand for re-election at the meeting. The Company added that pursuant to the cooperation agreement, Legion Partners has withdrawn its nomination notice with respect to the meeting, effective immediately.

Therefore, the Board's nominees for the meeting consist of the following ten incumbent directors: Britta Bomhard, Susan E. Cates, Eric J. Foss, Jerry Fowden, Thomas J. Harrington, Derek R. Lewis, Lori T. Marcus, Billy D. Prim, Archana Singh, and Steven P. Stanbrook. The Company also urged the shareholders to vote for a non-binding advisory vote on the compensation of the named executive officers and to approve the Second Amended and Restated By-Laws at the Company's annual shareholders meeting scheduled to be held on May 31, 2023.