Todd R. Lachman - Mar 23, 2023 Form 4 Insider Report for Sovos Brands, Inc. (SOVO)

Role
PRESIDENT AND CEO, Director
Signature
/s/ Isobel A. Jones, Attorney-in-Fact
Stock symbol
SOVO
Transactions as of
Mar 23, 2023
Transactions value $
-$600,000
Form type
4
Date filed
3/27/2023, 09:00 PM
Previous filing
Mar 21, 2023
Next filing
Apr 5, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SOVO Common Stock Sale -$480K -30K -1.2% $16.00 2.47M Mar 23, 2023 Direct F1, F2, F3
transaction SOVO Common Stock Sale -$120K -7.5K -1.61% $16.00 457K Mar 23, 2023 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 written plan that was adopted by the Reporting Person prior to the SEC's adoption of amendments to Rule 10b5-1 of the Exchange Act in December 2022 and was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) as in effect at the time of adoption. The plan was structured to include several sale periods and 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 269,615 restricted shares of common stock of the Issuer subject to time-based vesting and the Reporting Person's continued service with the Issuer (a portion of which vest on December 30, 2023, September 23, 2024 or September 23, 2025, if the original performance goals are not earlier achieved), 420,811 restricted shares of common stock of the Issuer subject to performance-based vesting and the Reporting Person's continued service with the Issuer, and 625,080 restricted stock units subject to time-based vesting, subject to the terms of the applicable award agreement.
F4 Includes 67,403 restricted shares of common stock of the Issuer subject to time-based vesting (a portion of which will vest on December 30, 2023, September 23, 2024 or September 23, 2025, if the original performance goals are not earlier achieved) and 91,204 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.