Risa Cretella - Mar 27, 2023 Form 4 Insider Report for Sovos Brands, Inc. (SOVO)

Signature
/s/ Isobel A. Jones, Attorney-in-Fact
Stock symbol
SOVO
Transactions as of
Mar 27, 2023
Transactions value $
-$237,930
Form type
4
Date filed
3/28/2023, 04:03 PM
Previous filing
Feb 14, 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 -$238K -14.4K -4.66% $16.50 295K Mar 27, 2023 Direct F1, F2, F3
* 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 47,055 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 will vest on December 30,2023, September 23, 2024 or September 23, 2025, if original performance goals are not earlier achieved), 67,508 restricted shares of common stock of the Issuer subject to performance-based vesting and the Reporting Person's continued service with the Issuer, and 90,751 restricted stock units subject to time-based vesting, subject to the terms of the applicable award agreement.