Todd R. Lachman - Jan 17, 2023 Form 4 Insider Report for Sovos Brands, Inc. (SOVO)

Signature
/s/ James Potter, Attorney-in-Fact
Stock symbol
SOVO
Transactions as of
Jan 17, 2023
Transactions value $
-$135,165
Form type
4
Date filed
1/19/2023, 07:03 PM
Previous filing
Sep 6, 2022
Next filing
Feb 14, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SOVO Common Stock Sale -$135K -9.98K -0.39% $13.55 2.52M Jan 17, 2023 Direct F1, F2, F3
holding SOVO Common Stock 472K Jan 17, 2023 By trust F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents the number of shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of restricted stock units. This sale is mandated by the Issuer's election under its equity incentive plans to require the satisfaction of tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary trade by the Reporting Person.
F2 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $13.55 to $13.5568, 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 690,426 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 2023, if such performance goals are not earlier achieved), 330,692 restricted stock units subject to time-based vesting, and 280,000 restricted stock units subject to performance-based vesting, in each case, subject to the terms of the applicable award agreement.
F4 Includes 158,607 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.