Risa Cretella - May 11, 2023 Form 4 Insider Report for Sovos Brands, Inc. (SOVO)

Signature
/s/ Isobel A. Jones, Attorney-in-Fact
Stock symbol
SOVO
Transactions as of
May 11, 2023
Transactions value $
-$237,949
Form type
4
Date filed
5/12/2023, 04:30 PM
Previous filing
Apr 5, 2023
Next filing
Jan 18, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SOVO Common Stock Sale -$226K -11.6K -4.12% $19.50 270K May 11, 2023 Direct F1, F2, F3
transaction SOVO Common Stock Sale -$12.1K -600 -0.22% $20.15 269K May 11, 2023 Direct F1, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 This transaction was effected pursuant to a written plan that was adopted by the Reporting Person on September 8, 2022 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 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $19.08 to $20.04, 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 sold at each separate price within the range set forth in this footnote.
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.
F4 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $20.09 to $20.33, 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 sold at each separate price within the range set forth in this footnote.