It merges the Krusty Krab and the Chum Bucket together. It looks like the Krusty Krab with the Chum Bucket placed on top of it like a hat, but the name now says "The Krusty Bucket" instead of the Chum Bucket.
Role in episode
When PlanKrab takes over the Krusty Krab but kicks Mr. Krabs out of the restaurant and doesn't let Plankton work with him, forcing the two to have to work together to get the restaurant back. They fail many times, and the two eventually decide to work there. Mr. Krabs and Plankton get into a fight at The Krusty Bucket. When PlankKrab realizes this, he gets so mad that he splits into two parts, who fight over who defiled the restrooms. Mr. Krabs tells them they should have a clean fight, but before that, have a handshake, which makes the two melt. This allows Mr. Krabs to get his restaurant back.