Todd R. Lachman - Mar 12, 2024 Form 4 Insider Report for Sovos Brands, Inc. (SOVO)

Role
CEO, Director
Signature
/s/ Isabel A. Jones, Attorney-in-Fact
Stock symbol
SOVO
Transactions as of
Mar 12, 2024
Transactions value $
$0
Form type
4
Date filed
3/14/2024, 03:15 PM
Previous filing
Feb 14, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SOVO Common Stock Award $0 +513K +25.18% $0.00 2.55M Mar 12, 2024 Direct F1
transaction SOVO Common Stock Disposed to Issuer -83.8K -3.29% 2.47M Mar 12, 2024 Direct F2, F3
transaction SOVO Common Stock Disposed to Issuer -1.31M -52.91% 1.16M Mar 12, 2024 Direct F2, F4
transaction SOVO Common Stock Disposed to Issuer -1.16M -100% 0 Mar 12, 2024 Direct F2, F5
transaction SOVO Common Stock Disposed to Issuer -6.95K -2.08% 328K Mar 12, 2024 By trust F2, F3
transaction SOVO Common Stock Disposed to Issuer -328K -100% 0 Mar 12, 2024 By trust F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Todd R. Lachman is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Represents relative total shareholder return (rTSR) performance-based restricted stock units for which performance achievement was certified in connection with the Merger as defined in footnote 2. Numbers reported reflect such certified performance.
F2 Disposed of in connection with the acquisition of the Issuer (the "Merger") by Campbell Soup Company ("Campbell's") pursuant to the Agreement and Plan of Merger, dated August 7, 2023 (the "Merger Agreement"), among Campbell's, Premium Products Merger Sub, Inc., and the Issuer.
F3 Shares of Issuer restricted common stock were forfeited pursuant to the terms of the applicable award agreements.
F4 Shares of the Issuer common stock were cancelled and converted into the right to receive an amount in cash of $23.00 per share pursuant to the Merger Agreement.
F5 Restricted stock units and certified rTSR performance-based restricted units previously granted to the Reporting Person by the Issuer were cancelled and converted into Campbell's restricted stock units in respect of Campbell's common stock at an exchange ratio of 0.5374 with the same vesting terms as the original grant pursuant to the Merger Agreement.