Todd R. Lachman - 01 Sep 2022 Form 4 Insider Report for Sovos Brands, Inc.

Signature
/s/ James Potter, Attorney-in-Fact
Issuer symbol
N/A
Transactions as of
01 Sep 2022
Net transactions value
-$187,526
Form type
4
Filing time
06 Sep 2022, 20:08:45 UTC
Previous filing
26 Aug 2022
Next filing
19 Jan 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SOVO Common Stock Sale $150,021 -10,000 -0.39% $15.00 2,525,348 01 Sep 2022 Direct F1, F2, F3
transaction SOVO Common Stock Sale $37,505 -2,500 -0.53% $15.00 472,328 01 Sep 2022 By trust F1, F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on 6/08/2022. The Rule 10b5-1 trading plan, which was structured to include several sale periods, was established as part of the Reporting Person's long-term strategy for asset diversification and financial, retirement, estate and tax planning activities over a period of time.
F2 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $15.00 to $15.20, inclusive. The Reporting Person undertakes to provide to the Issuer, any stockholder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
F3 Includes 3,595 restricted shares of common stock of the Issuer subject to time-based vesting and the Reporting Person's continued service with the Issuer, 741,460 restricted shares of common stock of the Issuer subject to performance-based vesting and the Reporting Person's continued service with the Issuer (a portion of which will vest on the last day of fiscal 2022 or the last day of fiscal 2023, if such performance goals are not earlier achieved), 356,039 restricted stock units subject to time-based vesting, and 394,059 restricted stock units subject to performance-based vesting, in each case, subject to the terms of the applicable award agreement.
F4 Includes 899 restricted shares of common stock of the Issuer subject to time-based vesting and 185,365 restricted shares of common stock of the Issuer subject to performance-based vesting, in each case, subject to the Reporting Person's continued service with the Issuer and the terms of the applicable award agreement.