Lisa Y. O'Driscoll - 12 Mar 2024 Form 4 Insider Report for Sovos Brands, Inc.

Role
CHIEF ADMINISTRATIVE OFFICER
Signature
/s/ Isobel A. Jones, Attorney-in-Fact
Issuer symbol
N/A
Transactions as of
12 Mar 2024
Net transactions value
$0
Form type
4
Filing time
14 Mar 2024, 15:31:32 UTC
Previous filing
14 Feb 2024
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SOVO Common Stock Award $0 +57,832 +31% $0.000000 243,643 12 Mar 2024 Direct F1
transaction SOVO Common Stock Disposed to Issuer -9,911 -4.1% 233,732 12 Mar 2024 Direct F2, F3
transaction SOVO Common Stock Disposed to Issuer -128,839 -55% 104,893 12 Mar 2024 Direct F2, F4
transaction SOVO Common Stock Disposed to Issuer -104,893 -100% 0 12 Mar 2024 Direct F2, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Lisa Y. O'Driscoll 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 stock 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.