Lisa Y. O'Driscoll - Jul 1, 2022 Form 4/A - Amendment Insider Report for Sovos Brands, Inc. (SOVO)

Signature
/s/ James Potter, Attorney-in-Fact
Stock symbol
SOVO
Transactions as of
Jul 1, 2022
Transactions value $
-$325,740
Form type
4/A - Amendment
Date filed
1/23/2023, 05:22 PM
Date Of Original Report
Jul 6, 2022
Previous filing
Jan 18, 2022
Next filing
Jan 23, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SOVO Common Stock Sale -$11.2K -700 -0.25% $16.00 279K Jul 1, 2022 Direct F1, F2, F3, F4
transaction SOVO Common Stock Sale -$315K -19.3K -6.91% $16.30 260K Jul 6, 2022 Direct F1, F3, F4, F5
* 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 12/16/2021. 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 Represents actual sale price.
F3 Includes 1,236 restricted shares of common stock of the Issuer subject to time-based vesting and the Reporting Person's continued service with the Issuer, 144,210 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), 29,319 restricted stock units subject to time-based vesting, and 33,562 restricted stock units subject to performance-based vesting, in each case, subject to the terms of the applicable award agreement.
F4 The original Form 4, filed on July 6, 2022, is being amended by this Form 4 amendment solely to correct an administrative error, which misreported the balance of securities beneficially owned by the Reporting Person immediately following the Reported Transaction. The number of shares beneficially owned by the reporting person with the correction reflects an increase in the number of shares reported as beneficially owned by the Reporting Person by 8,486 shares.
F5 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $16.00 to $16.58, 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.