Document:

Exhibit 10.10

 

SOVOS BRANDS, INC.

ANNUAL INCENTIVE PLAN

 

(for Performance Periods Commencing on or after
December 26, 2021)

 

		1.	Purpose.  The purpose of the Sovos Brands, Inc. Annual Incentive Plan (the “Plan”) is to advance the
interests of Sovos Brands, Inc. (“Sovos Brands”) and its stockholders by promoting Sovos Brands’ pay for performance
philosophy, attracting and retaining key employees of Sovos Brands and its direct and indirect subsidiaries, and stimulating the efforts
of such employees toward the continued success and growth of Sovos Brands’ business.

 

		2.	Definitions.  When the following terms are used with capital letters in this Plan, they will have the meanings indicated:

 

		a.	“Award” means an annual incentive award which, subject to the terms and conditions prescribed by the Committee,
entitles a Participant to receive a cash payment from the Company in accordance with Section 3.

 

		b.	“Board” means the Board of Directors of Sovos Brands.

 

		c.	“Code” means the Internal Revenue Code of 1986, as amended.

 

		d.	“Committee” means the Compensation Committee of the Board or such other committee as may be designated by the Board
to administer the Plan.

 

		e.	“Company” means Sovos Brands and its direct and indirect subsidiaries.

 

		f.	“Eligible Employee” means any employee of the Company or any of its direct or indirect subsidiaries.

 

		g.	“Participant” means an Eligible Employee designated by the Committee to participate in the Plan as provided in
Section 3.1.  Designation by the Committee as a Participant for a specific Performance Period or series of Performance Periods
does not confer on the Participant the right to participate in the Plan for any other Performance Periods.

 

     

     

    

 

		h.	“Performance Measures” means one or a combination of two or more of the following performance criteria: net sales;
sales growth; net earnings; earnings before income taxes; earnings before interest and taxes (EBIT); earnings before interest, taxes,
depreciation and amortization (EBITDA); earnings per share (GAAP, basic or diluted); profitability as measured by return ratios (including
return on assets, return on equity, return on investment and return on net sales) or by the degree to which any of the foregoing earnings
measures exceed a percentage of net sales; cash flow; free cash flow; market share; margins (including one or more of gross, operating
and net earnings margins); stock price; total stockholder return; asset quality; non-performing assets; revenue growth; operating income;
pre- or after-tax income; cash flow per share; operating assets; improvement in or attainment of expense levels or cost savings; economic
value added; and improvement in or attainment of working capital levels or any other measure of performance as determined by the Committee. 
Any Performance Measure utilized may be expressed in absolute amounts, on a per share basis, as a change from preceding Performance Periods,
as a comparison to the performance of specified companies or other external measures, and may relate to one or any combination of corporate
(including such direct and indirect subsidiaries of the Company as the Committee may determine or on such consolidated basis as the Committee
may determine), group, unit, division, affiliate or individual performance. Additionally, as determined by the Committee, any Performance
Measure utilized may be calculated in accordance with GAAP or calculated to reflect adjustments for charges for restructurings, non-operating
income, the impact of corporate transactions or discontinued operations, events that are unusual in nature or infrequent in occurrence
and other non-recurring items, currency fluctuations, litigation or claim judgements, settlements, the effects of accounting or tax law
changes or other events as determined by the Committee in its discretion. In the event a Performance Measure states that it is “Adjusted”,
it shall be presumed to be calculated to reflect the foregoing adjustments.

 

		i.	“Performance Period” means the period of time specified by the Committee over which the degree of attainment of
specified Performance Measures will be measured.

 

		3.	Awards.

 

		3.1.	Allocation of Awards.  The Committee will designate such Eligible Employees as it deems appropriate to participate in
the Plan for such Performance Period. The Committee’s designation of an Eligible Employee as entitled to participate in the Plan
may be for a single Performance Period, or for a fixed or indefinite series of future Performance Periods, in its discretion.  A
designation for more than one Performance Period shall be subject to the Participant’s continued employment by the Company, and
may be rescinded at any time as to future Performance Periods by the Committee.  Awards may be granted to a Participant in such amounts
and on such terms as may be determined by the Committee.  At the time an Award is made, the Committee will specify the terms and
conditions that will govern the Award, which will include that the Award will be earned only upon, and to the extent that, the applicable
Performance measures as described in Section 3.2 are satisfied over the course of the applicable Performance Period.  Different
terms and conditions may be established by the Committee for different Awards and for different Participants.

 

		3.2.	Performance Measures.  The payment of an Award will be contingent upon the degree of attainment of such Performance Measures
over the applicable Performance Period as are specified by the Committee.  Performance Measures for any Performance Period will be
established by the Committee. In general, the Committee will target establishing Performance Measures for any Performance Period prior
to the earlier of (i) 90 days following the commencement of the Performance Period or (ii) the passage of 25 percent of the
duration of the Performance Period, but reserves the right to establish Performance Measures for any Performance Period later.  The
Committee may, in its discretion, modify awards or the Performance Measures applicable to a Performance Period if it determines that as
a result of changed circumstances, such modification is required to reflect the original intent of such Performance Measures.  Subject
to the terms of the Plan, incentive plan participants may see an impact on award amounts from their individual performance ratings. Managers
and/or the Compensation Committee will have the ability to use a range of multipliers in respect to the performance rating; however, the
application of such multipliers shall not impact the total funding under the Plan.

 

     

     

    

 

		3.3.	Adjustments.  The Committee is authorized at any time during or after a Performance Period, in its sole and absolute discretion,
to reduce or eliminate the amount of an Award otherwise payable to any Participant for any reason.  No reduction in the amount of
an Award payable to any Participant shall increase the amount of an Award payable to any other Participant.

 

		3.4.	Clawbacks. Any Awards made under the Plan may be subject to forfeiture or repayment at the written request of the Company (a) in
the event any of the Company’s financial statements are required to be restated resulting from fraud or willful misconduct of the
grantee or any other person, provided that the grantee knew of such fraud or willful misconduct; or (b) in accordance with (i) any
compensation recovery, “clawback” or similar policy, as may be in effect from time to time to which such Participant is subject
and (ii) any compensation recovery, “clawback” or similar policy made applicable by law including the provisions of Section 954
of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules, regulations and requirements adopted thereunder by the
Securities and Exchange Commission and/or any national securities exchange on which the Company’s equity securities may be listed.

 

		3.5.	Payment of Awards.  Following the completion of each Performance Period, the Committee shall certify in writing the degree
to which the Performance Measures were attained and the Awards payable to Participants.  Each Participant shall receive payment in
cash of the Award as soon as practicable following the Committee’s determination and certification made pursuant to this Section 3.4.
No Award will be paid pursuant to this Plan to any participant who is not actively employed by the Company on the Award payment date.

 

Without limiting the generality of the foregoing, (a) any
payments with respect to the first, second or third quarterly Performance Period or the first half-year Performance Period will be paid
no later than March 15th of the following calendar year and (b) any payments with respect to the fourth quarterly Performance
Period, second half-year Performance Period or a full fiscal year Performance Period will be paid in the following calendar year by April 30;
provided, that if the Company’s fiscal year ends in January, such payments shall be paid in the calendar year in which such
fiscal year end occurs.

 

		4.	Administration.

 

		4.1.	Authority of Committee.  The Committee shall administer this Plan.  The Committee shall have exclusive power, subject
to the limitations contained in this Plan, to make Awards and to determine when and to whom Awards will be granted, and the form, amount
and other terms and conditions of each Award, subject to the provisions of this Plan.  The Committee shall have the authority to
interpret this Plan and any Award made under this Plan, to establish, amend, waive and rescind any rules and regulations relating
to the administration of this Plan, and to make all other determinations necessary or advisable for the administration of this Plan. 
The Committee may correct any defect, supply any omission or reconcile any inconsistency in this Plan or in any Award in the manner and
to the extent it shall deem desirable.  The determinations of the Committee in the administration of this Plan, as described herein,
shall be final, binding and conclusive, subject to the provisions of this Plan.  A majority of the members of the Committee shall
constitute a quorum for any meeting of the Committee.

 

     

     

    

 

		4.2.	Indemnification.  To the greatest extent permitted by law, (i) no member or former member of the Committee shall
be liable for any action or determination taken or made in good faith with respect to the Plan or any Award made under the Plan, and (ii) the
members or former members of the Committee shall be entitled to indemnification by the Company against and from any loss incurred by such
members by reason of any such actions and determinations.

 

		5.	Effective Date of the Plan.  The Plan has been adopted by the Board effective December 26, 2021. The Plan applies
to any Performance Periods commencing on or after December 26, 2021 and, with respect thereto, supersedes and replaces any prior
cash-based incentive plans. The Plan shall remain in effect until it has been terminated pursuant to Section 8.

 

		6.	Right to Terminate Employment.  Nothing in the Plan shall confer upon any Participant the right to continue in the employment
of the Company or affect any right which the Company may have to terminate the employment of a Participant with or without cause.

 

		7.	Tax Withholding.  The Company shall have the right to withhold from cash payments under the Plan to a Participant or other
person an amount sufficient to cover any required withholding taxes.

 

		8.	Amendment, Modification and Termination of the Plan.  The Board or Committee may at any time terminate, suspend or modify
the Plan and the terms and provisions of any Award to any Participant which has not been paid. No Award may be granted during any suspension
of the Plan or after its termination.

 

		9.	Unfunded Plan.  The Plan shall be unfunded, and the Company shall not be required to segregate any assets that may at
any time be represented by Awards under the Plan.  No Participant shall, by virtue of this Plan, have any interest in any specific
assets of the Company.

 

		10.	Other Benefit and Compensation Programs.  Neither the adoption of the Plan by the Board nor its submission to the stockholders
of the Company shall be construed as creating any limitation on the power of the Board or Committee to adopt such other incentive arrangements
as it may deem appropriate.  Payments received by a Participant under an Award made pursuant to the Plan shall not be deemed a part
of a Participant’s regular recurring compensation for purposes of the termination, indemnity or severance pay law of any state and
shall not be included in, nor have any effect on, the determination of benefits under any other employee benefit plan, contract or similar
arrangement provided by the Company unless expressly so provided by such other plan, contract or arrangement, or unless the Committee
expressly determines otherwise.

 

		11.	Governing Law.  To the extent that Federal laws do not otherwise control, the Plan and all determinations made and actions
taken pursuant to the Plan shall be governed by the laws of the State of Delaware and construed accordingly.

 

     

     

    

 

		12.	Other Provisions.

 

		12.1.	Non-transferability.  Participants and beneficiaries shall not have the right to assign, pledge or otherwise dispose of
any part of an Award under this Plan.

 

		12.2.	Termination of Employment.  Except as otherwise provided in this section, no Award shall be paid to a Participant who
is not actively employed by the Company as of the payment date. If a Participant’s employment with the Company ends during a Performance
Period or after the end of a Performance Period but before the applicable payment date, the Committee may, in its sole discretion, determine
that a Participant (or his or her beneficiaries) shall be paid a pro rata portion of the Award payment that the Participant would have
received but for the fact that the Participant’s employment ended.  Any such pro rated Award payment will be paid at the same
time as other Award payments with respect to the applicable Performance Period.

 

		12.3.	Section 409A. It is intended that payments and benefits under the Plan be exempt from or in compliance with the provisions
of Section 409A of the Code and the regulations thereunder (“Section 409A”) and the Plan shall be interpreted and
administered accordingly. To the extent required to comply with or be exempt from Section 409A, a Participant will not be considered
to have terminated employment with the Company for purposes of the Plan, and no payment will be due under the Plan, until he or she has
incurred a “separation from service” from the Company within the meaning of Section 409A (after giving effect to the
presumptions set forth therein). If a Participant is determined to be a “specified employee” at the time of his or her separation
from service then, to the extent necessary to prevent any accelerated or additional tax under Section 409A, payment of the amounts
payable under the Plan will be delayed until the earlier of (a) the date that is six months and one day following the Participant’s
separation from service and (b) the Participant’s death. Each amount paid pursuant to the Plan shall be treated as a separate
payment for purposes of Section 409A and the right to a series of installment payments under the Plan shall be treated as the right
to a series of separate payments. Notwithstanding the foregoing or anything to the contrary in the Plan, none of the Company nor any other
person will be liable to a Participant by reason of any acceleration of income, or any additional tax (including any interest and penalties),
asserted with respect to any of the payments or benefits under the Plan, including by reason of the failure of the Plan to satisfy the
applicable requirements of Section 409A in form or in operation.Exhibit 10.11

 

SOVOS BRANDS
LIMITED PARTNERSHIP

2017 EQUITY INCENTIVE PLAN

 

INCENTIVE UNIT
GRANT AGREEMENT

 

THIS INCENTIVE UNIT GRANT
AGREEMENT (the “Agreement”) is made as of June 7, 2017 (the “Grant Date”) among Sovos Brands
Limited Partnership, a Delaware limited partnership (the “Partnership”) and Todd R. Lachman (the “Participant”).

 

R E C I T A L S

 

A.           The
Partnership is governed by the Second Amended and Restated Agreement of Limited Partnership of Sovos Brands Limited Partnership, dated
as of January 31, 2017, as may be amended from time to time (the “Partnership Agreement”). Capitalized terms not
otherwise defined in this Agreement shall have the meanings ascribed to such terms in the Partnership Agreement.

 

B.            In
consideration for the provisions of services to or for the benefit of the Partnership by the Participant, the Partnership hereby grants
Incentive Units to the Participant under the terms and provisions of this Agreement, the Sovos Brands Limited Partnership 2017 Equity
Incentive Plan (the “Plan”) and the Partnership Agreement.

 

C.            The
Partnership and the Participant desire to impose certain vesting conditions with respect to the Incentive Units granted to the Participant.

 

A G R E E M E N T S

 

NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Partnership and the Participant agree as follows:

 

ARTICLE I.

GRANT OF INCENTIVE UNITS

 

1.1           Grant.
Subject to the terms and conditions contained herein and in the Plan and Partnership Agreement,
the Participant is granted 4,543.2 Incentive Units of the Partnership, of which 1,893.2 shall be eligible to vest based
on the passage of time (the “Time Vesting Units”), 567.9 shall be eligible to vest based on the achievement
of certain performance goals (the “Tranche 1 Performance Units”), 567.9 shall be eligible to vest based on the
achievement of certain performance goals (the “Tranche 2 Performance Units”), 756.9 shall be eligible to vest
based on the achievement of certain performance goals (the “Tranche 3 Performance Units”) and 757.3 shall be
eligible to vest based on the achievement of certain performance goals (the “Tranche 4 Performance Units” and, together
with the Tranche 1 Performance Units, the Tranche 2 Performance Units and the Tranche 3 Performance Units, the “Performance Vesting
Units”).

 

    

     

    

 

1.2           Risks.
The Participant is aware of and understands the following:

 

(a)            the
Participant must bear the economic risk of an investment in the Incentive Units for an indefinite period of time because, among other
things, (i) the Incentive Units have not been registered under the Securities Act, and, therefore, cannot be sold unless they are
subsequently registered under the Securities Act or an exemption from such registration is available, (ii) the Incentive Units have
not been registered under applicable state securities laws, and, therefore, cannot be sold unless they are registered under applicable
state securities laws or an exemption from such registration is available, and (iii) there are substantial restrictions on the transferability
of the Incentive Units under this Agreement, the Plan, the Partnership Agreement and applicable law, and substantial restrictions on distributions
from the Partnership;

 

(b)            there
is no established market for the Incentive Units and no market (public or otherwise) for the Incentive Units will develop in the foreseeable
future; and

 

(c)            except
as provided in the Partnership Agreement, the Participant has no rights to require that the Incentive Units be registered under the Securities
Act or the securities laws of any states and the Participant will not be able to avail itself of the provisions of Rule 144 adopted
by the Securities and Exchange Commission under the Securities Act.

 

1.3           Information.
The Participant is one of the following as indicated on the Accredited Investor Questionnaire
in the form attached hereto as Exhibit A and provided by the Participant to the Partnership:

 

(a)            an
 “accredited investor” within the meaning of Rule 501(a) under Regulation D of the Securities Act of 1933,
and has (or, in the case of a trust, the trustee has) such knowledge and experience in financial and business matters so as to be capable
of evaluating the merits and risks of his, her or its investment in the Incentive Units, and the Participant is capable of bearing the
economic risks of such investment and is able to bear the complete loss of his, her or its investment in the Incentive Units, or

 

(b)            not
an accredited investor, and has (or, in the case of a trust, the trustee has), by itself or through a “purchaser representative”
within the meaning of Rule 501(i) under Regulation D of the Securities Act, such knowledge and experience in financial and business
matters so as to be capable of evaluating the merits and risks of his, her or its investment in the Incentive Units, and the Participant
is capable of bearing the economic risks of such investment and is able to bear the complete loss of his, her or its investment in the
Incentive Units.

 

1.4           Protective
Section 83(b) Election. Within thirty (30) days from the date hereof, the Participant
shall execute and file with the Internal Revenue Service a protective election under Section 83(b) of the Code with respect
to the grant of Incentive Units described in this Agreement substantially in the form attached hereto as Exhibit B
and the Participant shall provide the Partnership with a copy of such executed and filed election promptly thereafter.

 

    

     

    

 

ARTICLE II.

PROFITS INTERSETS; VESTING

 

2.1           Profits
Interests. The Incentive Units granted under this Agreement are intended to constitute “profits
interests” as described in Section 3.04 of the Partnership Agreement and shall be subject to the terms and conditions
thereof

 

2.2          Hurdle
Amount. The Incentive Unit Hurdle Amount for the Incentive Units being granted to the Participant
pursuant to this Agreement is equal to $0, such amount being determined by the General Partner as of the Grant Date pursuant to Section 3.04
of the Partnership Agreement; provided, that the Incentive Unit Hurdle Amount shall, in any event, be consistent with the
intended characterization of the Incentive Units being granted hereunder as a “profits interest.”

 

2.3           Vesting
of Incentive Units. The Incentive Units being granted to the Participant hereunder shall vest
and become Vested Units as provided in this Section 2.3:

 

(a)            Time
Vesting Units

 

(i)            Vesting.
Subject to the remainder of this Section 2.3(a), 6.25% of the Time Vesting Units shall become Vested Units on each of the
sixteen (16) quarterly anniversaries of the Closing Date such that one hundred percent (100%) of the Time Vesting Units will be Vested
Units on the fourth (4th) anniversary of the Closing Date, subject, in each case, to the Participant’s continued employment with
the Partnership or one of its Subsidiaries from the date of this Agreement through the applicable vesting date.

 

(ii)           Change
in Control. Subject to the remainder of this Section 2.3(a), upon the consummation of a Change in Control, one hundred
percent (100%) of the Participant’s Time Vesting Units that remain unvested shall become Vested Units as of immediately prior to
such Change in Control, subject to the Participant’s continued employment with the Partnership or one of its Subsidiaries on the
date of the Change in Control.

 

(iii)          Acceleration
Upon Qualifying Termination. If the Participant’s employment with the Partnership and its Subsidiaries is terminated by the
Partnership or a Subsidiary without Cause or by the Participant for Good Reason (each, a “Qualifying Termination”),
a portion of any then-unvested Time Vesting Units shall accelerate and vest in an amount equal to whichever of the following results in
a greater number of vested Time Vesting Units (A) the portion of the Time-Vesting Units that would have become Vested Units under
the terms of Section 2.3(a)(i) hereof on the next four (4) quarterly anniversaries of the Grant Date had the Participant’s
employment not terminated and (B) the portion of the Time Vesting Units that results in fifty percent (50%) of the aggregate Time
Vesting Units being Vested Units.

 

(iv)          Change
in Control Lookback in Connection with a Qualifying Termination. If the Participant’s employment with the Partnership and its
Subsidiaries is terminated as a result of a Qualifying Termination, any unvested Time Vesting Units (as determined following application
of Section 2.3(a)(iii)) shall remain outstanding. If, within six (6) months following such Qualifying Termination the
Partnership consummates a Change in Control, then all of such Participant’s unvested Time Vesting Units will accelerate and become
Vested Units as of immediately prior to such Change in Control (the “Change in Control Lookback”). If, during such
six (6) month period a Change in Control is not consummated, such Participant’s unvested Time Vesting Units will immediately
be forfeited for no consideration as of the end of such six-month period.

 

    

     

    

 

(b)            Performance
Vesting Units.

 

(i)             Tranche
1 Performance Units. One-hundred percent (100%) of the Tranche 1 Performance Units shall become Vested Units upon the consummation
of a Change in Control if the Advent Group achieves a MOIC equal to at least two (2), subject to the Participant’s continued employment
with the Partnership or one of its Subsidiaries through the date of such Change in Control. For the avoidance of doubt, the Tranche 1
Performance Units shall not vest if the Advent Group receives Advent Cash Amounts resulting in a MOIC of less than two (2).

 

(ii)            Tranche
2 Performance Units. One-hundred percent (100%) of the Tranche 2 Performance Units shall become Vested Units upon the consummation
of a Change in Control to if the Advent Group achieves a MOIC equal to at least two and one-half (2.5), subject to the Participant’s
continued employment with the Partnership or one of its Subsidiaries through the date of such Change in Control. For the avoidance of
doubt, the Tranche 2 Performance Units shall not vest if the Advent Group receives Advent Cash Amounts resulting in a MOIC of less than
two and one-half (2.5).

 

(iii)           Tranche
3 Performance Units. One-hundred percent (100%) of the Tranche 3 Performance Units shall become Vested Units upon the consummation
of a Change in Control if the Advent Group achieves a MOIC equal to at least three (3), subject to the Participant’s continued employment
with the Partnership or one of its Subsidiaries through the date of such Change in Control. For the avoidance of doubt, the Tranche 3
Performance Units shall not vest if the Advent Group receives Advent Cash Amounts resulting in a MOIC of less than three (3).

 

(iv)           Tranche
4 Performance Units. One-hundred percent (100%) of the Tranche 4 Performance Units shall become Vested Units upon the consummation
of a Change in Control if the Advent Group achieves a MOIC equal to at least four (4), subject to the Participant’s continued employment
with the Partnership or one of its Subsidiaries through the date of such Change in Control. For the avoidance of doubt, the Tranche 4
Performance Units shall not vest if the Advent Group receives Advent Cash Amounts resulting in a MOIC of less than four (4).

 

(v)            Qualifying
Termination Prior to Change in Control. Notwithstanding any other provisions of this Agreement to the contrary, if the Participant’s
employment with the Partnership and its Subsidiaries is terminated as a result of a Qualifying Termination, a portion of the Performance
Vesting Units shall remain outstanding and eligible to vest for eighteen (18) months in accordance with the terms of Section 2.3(b)(i)-(iv) equal
to the portion of the Performance Vesting Units that would have vested on the date of the Qualifying Termination if a Hypothetical Liquidation
occurred immediately prior to such Qualifying Termination, as determined by the General Partner in good faith (the “Conditionally
Vested Units”). If, within such eighteen (18) month period, a Change in Control occurs, any Conditionally Vested Units that
otherwise would have become Vested Units upon such Change in Control based on the MOIC actually achieved by the Advent Group pursuant
to the performance vesting conditions set forth in Section 2.3(b)(i)-(iv) above had the Participant been continuously
employed as of such date shall become Vested Units as of immediately prior to such Change in Control and all Conditionally Vested Units
remaining unvested thereafter shall automatically be forfeited without consideration. If a Change in Control is not consummated during
such eighteen (18) month period then any and all Conditionally Vested Units shall be forfeited without consideration on the last day of
such period.

 

    

     

    

 

(vi)           Change
in Control. Any Performance Vesting Units that have not become Vested Units upon a Change in Control (after taking into account Performance
Vesting Units that vest in connection with such Change in Control) shall be forfeited without consideration paid therefor.

 

(vii)          Calculation
of MOIC. It is understood and agreed that in the event of the receipt by the Advent Group of any distribution or any transaction in
which the Advent Group will receive Advent Cash Amounts, in each case in connection with a Change in Control, then the calculations described
for the MOIC shall be made on an “as if’ basis prior to the actual receipt of such amounts and the outstanding Performance
Vesting Units (including Conditionally Vested Units) of the Participant shall become Vested Units immediately prior to the consummation
of such Change in Control, on the basis of the amounts to be received by Advent in such distribution or transaction (including after giving
effect to vesting of Performance Vesting Units as a result thereof under this paragraph) and the Participant shall be entitled to participate
in such distribution or transaction as to such Vested Units. As a result, the calculations described above shall be made in terms of amounts
to be received by Advent and the portion of the Performance Vesting Units that will become Vested Units able to participate in a distribution
or transaction, all computed on an “after vesting” basis as to such Incentive Units.

 

ARTICLE III.

FORFEITURE OF INCENTIVE UNITS; REPURCHASE RIGHT

 

3.1           Forfeiture
of Performance Vesting Units and Time Vesting Units. Notwithstanding any other provisions
of this Agreement to the contrary, upon a termination of employment for any reason, all Performance Vesting Units and Time Vesting Units
that have not vested (after taking into account any Time Vesting Units that vest upon such termination of employment under Section 2.3(a)(iii))
or which do not remain outstanding and eligible to vest in accordance with the terms and conditions of Section 2.3(a)(iv) or
Section 2.3(b)(v), as applicable, as of the date of termination of employment, shall expire and immediately be forfeited and
canceled in their entirety without any consideration to the Participant. In the event that any Performance Vesting Units become Conditionally
Vested Units, such Conditionally Vested Units shall be subject to forfeiture pursuant to Section 2.3(b)(v). In the event that
any Time Vesting Units remain outstanding and eligible to vest as a result of the Change in Control Lookback, such Time Vesting Units
shall be subject to forfeiture pursuant to Section 2.3(a)(iv).

 

3.2           Forfeiture
of Vested Units.

 

(a)            Upon
(i) a termination of employment for Cause, (ii) resignation by the Participant when grounds for Cause exist (determined without
regard to after-acquired evidence) or (iii) if, following any termination of employment, the Participant commits a Covenant Breach,
then all Vested Units shall expire and immediately be forfeited and cancelled in their entirety without any consideration to the Participant.

 

    

     

    

 

(b)            Notwithstanding
anything to the contrary set forth herein or the Partnership Agreement, upon resignation of employment by the Participant without Good
Reason prior to the earlier of (i) the fourth anniversary of the Participant’s employment commencement date and (ii) the
date of a Change in Control in which the Advent Group receives Advent Cash Amounts resulting in a MOIC equal to at least two (2), (A) Vested
Units may be forfeited, in Advent’s sole discretion, and (B) the Participant’s Class A Units may be repurchased,
in Advent’s sole discretion, for an amount equal to the amount determined pursuant to Section 7.07(c)(i) of the
Partnership Agreement; provided, that the foregoing shall not apply to any such resignation in connection with a personal emergency or
hardship, including without limitation the Participant’s health or the health of the Participant’s immediate family members,
as determined by the General Partner in good faith, and as to which the Partnership and its Subsidiaries does not permit the Participant
to take a paid or unpaid leave of absence; provided, further, that any actions taken by the Partnership or its Subsidiaries during such
leave of absence shall not give rise to Good Reason under prongs (i) or (iii) of the Good Reason definition so long as such
actions cease upon the Participant’s return to work.

 

3.3           Repurchase
Right.

 

(a)            The
Participant agrees and acknowledges that the Incentive Units shall be subject to repurchase by the Partnership or its designee under certain
circumstances as set forth in Section 7.07 of the Partnership Agreement; provided, that the closing of such repurchase as
described in Section 7.07(b) of the Partnership Agreement may occur more than thirty (30) days following the Call Notice
Date in connection with a Valuation Dispute.

 

(b)            In
the event of a repurchase in connection with a Qualifying Termination, if Participant disagrees with the Partnership’s determination
of Fair Market Value, the Participant shall deliver to the Partnership a written notice of objection within fifteen (15) business days
after Participant’s receipt of the Partnership’s determination of Fair Market Value (a “Valuation Dispute”).
Upon receipt of Participant’s written notice of a Valuation Dispute, the Partnership and Participant will negotiate in good faith
to try to agree on such Fair Market Value. If such agreement is not reached within five (5) business days after the delivery by Participant
of such notice, Fair Market Value shall be determined by an independent nationally recognized valuation firm (an “Appraiser”),
jointly selected by the Partnership and Participant, which Appraiser shall submit to the Partnership and Participant a report within thirty
(30) business days of its engagement (or such longer period as Appraiser determines in its sole discretion is reasonably necessary to
make such determination) setting forth such determination. If the Partnership and Participant are unable to agree on an Appraiser within
seven (7) days following the expiration of the five (5) business day negotiation period, within seven (7) days thereafter,
the Partnership shall submit the names of five (5) Appraisers, and the Participant shall select an Appraiser from such list. The
Partnership and the Participant will each bear fifty percent (50%) of the costs and expenses of such Appraiser unless the Appraiser’s
valuation is equal to or greater than one hundred ten percent (110%) the Fair Market Value proposed by the Partnership in the notice of
such repurchase during the Call Period, in which case one hundred percent (100%) of the costs and expenses of the Appraiser shall be borne
by the Partnership. The determination of such Appraiser as to Fair Market Value shall be final and binding upon all parties (absent manifest
or clerical error), regardless of whether such determination is higher or lower than the Partnership’s original estimate of Fair
Market Value.

 

    

     

    

 

(c)            In
the event that (i) the Time Vesting Units are repurchased following a Qualifying Termination at a time when they remain subject to
the Change in Control Lookback protections set forth in Section 2.3(a)(iv) hereof and (ii) within six (6) months following
such Qualifying Termination the Partnership consummates a Change in Control, then the Partnership shall pay to the Participant an amount
in cash equal to the excess, if any, of (A) the amount the Participant would have received in respect of the repurchased Time Vesting
Units in the Change in Control, determined and payable on the terms that would have been applicable to such Time Vesting Units in the
Change in Control had they not been repurchased, over (B) the amount previously paid to the Participant as the price for their repurchase).

 

3.4           Conversion
of Incentive Units into Incentive Class A Units. Notwithstanding anything in the Partnership
Agreement to the contrary, the provisions of Section 3.04(e) of the Partnership Agreement shall not apply to the Participant.

 

ARTICLE IV.

PARTNERSHIP AGREEMENT

 

4.1           Partnership
Agreement. The Participant agrees and acknowledges that as a condition subsequent to the
grant of the Incentive Units granted under this Agreement, the Participant shall execute and become a party to and be bound by the terms
and conditions of the Partnership Agreement pursuant to the Joinder Agreement in the form attached hereto as Exhibit C.

 

ARTICLE V.

DEFINITIONS

 

5.1           Definitions.
As used in this Agreement, the following terms have the meanings set forth below:

 

(a)            “Advent”
means Advent International Corporation.

 

(b)            “Advent
Cash Amounts” means, as of the date of a Change in Control, without duplication, the sum of the following:

 

(i)             the
amount of cash distributions and other cash proceeds received by the Advent Group on or prior to such Change in Control in respect of
any Advent Investments, including cash proceeds received from a partial liquidation of the Partnership or such Change in Control;

 

(ii)            the
amount of cash proceeds previously received by the Advent Group from the disposition of any non-cash proceeds (including non-cash distributions)
received in exchange for, or in respect of, any Advent Investments prior to such Change in Control; and

 

(iii)           an
amount equal to the fair market value, as determined by the Board in its reasonable good faith discretion, of Marketable Securities received
by the Advent Group on or before a Change in Control with respect to, or from the sale or other disposition of, any Advent Investments
(in each of clauses (i), (ii) and (iii) net of any Unreimbursed Transaction Expenses).

 

    

     

    

 

Notwithstanding anything to the contrary, none
of the following shall be included in the calculation of “Advent Cash Amounts”: Tax Distributions pursuant to Section 5.01(c) of
the Partnership Agreement, expense reimbursement, indemnification payments or similar amounts made to the Advent Group.

 

(c)            “Advent
Group” shall mean Advent and its Affiliates.

 

(d)            “Advent
Investment Amount” shall mean (without duplication) all Capital Contributions made by the Advent Group and all other cash amounts
invested by the Advent Group in the Partnership, whether before, at or after the Closing Date.

 

(e)            “Advent
Investments” shall mean, without duplication, the Advent Group’s Class A Units in the Partnership and any other investment
included in the definition of Advent Investment Amount.

 

(f)             “Affiliate”
shall have the meaning ascribed to such term in the Partnership Agreement.

 

(g)            “Capital
Contribution” shall have the meaning ascribed to such term in the Partnership Agreement.

 

(h)            “Cause”
shall, notwithstanding any contrary or alternative definition set forth in the Partnership Agreement, have the meaning set forth in the
Participant’s Employment Agreement.

 

(i)             “Closing
Date” means January 31, 2017.

 

(j)             “Covenant
Breach” means the Participant’s breach of (i) any non-solicitation covenant to which the Participant is subject or
(ii) any other restrictive covenant to which the Participant is subject that may reasonably be expected to have a material adverse
effect on, including on the reputation of, the Partnership or any of its Affiliates; provided that a Covenant Breach shall not be deemed
to occur until the Partnership has provided the Participant written notice detailing such breach and the Participant has failed to cure
such breach within fifteen (15) days following the receipt of such notice.

 

(k)            “Employment
Agreement” means the employment agreement, dated as of January 14, 2017, among Grand Prix Intermediate, Inc., a Delaware
corporation and the Participant.

 

(l)             “General
Partner” shall have the meaning ascribed to such term in the Partnership Agreement.

 

(m)           “Good
Reason” has the meaning set forth in the Participant’s Employment Agreement.

 

(n)            “Marketable
Securities” shall mean securities that are freely tradable on an established securities market without restriction received
by the Advent Group from an unrelated third party, excluding, for the avoidance of doubt, Class A Units and Successor Shares.

 

    

     

    

 

(o)            “MOIC”
shall mean as of the date of a Change in Control, the quotient obtained by dividing (i) the Advent Cash Amounts by (ii) the
Advent Investment Amount.

 

(p)            “Successor
Shares” means shares of stock of the successor to the Partnership that is the issuer in the Initial Public Offering and that
are freely tradable held by the Advent Group which have been received by the Advent Group in respect of its Class A Units.

 

(q)            “Unreimbursed
Transaction Costs” means all out-of-pocket reasonable legal, accounting, financial advisor, brokerage and investment banking
fees paid by the Advent Group and their Affiliates, which in the event of a deemed sale shall be estimated by the General Partner in good
faith, excluding any amounts that are paid or reimbursed by the Partnership or its Subsidiaries.

 

(r)             “Vested
Units” shall mean, as of the applicable date of determination, the Incentive Units that have vested in accordance with the provisions
of this Agreement, the Plan and the Partnership Agreement.

 

ARTICLE VI.

RESTRICTIVE COVENANTS

 

6.1           Restrictive
Covenants. In consideration for the Incentive Units granted to the Participant by the Partnership
under this Agreement and for the Participant’s access to and receipt of the confidential information and trade secrets described
herein, the Participant agrees to be bound by the restrictive covenants set forth in Section 9 of the Participant’s
Employment Agreement.

 

ARTICLE VII.

MISCELLANEOUS PROVISIONS

 

7.1           Termination
and Amendment of the Agreement. This Agreement shall be terminated only with the prior written
consent of the Partnership (with the approval of the General Partner) and the Participant; provided, that this Article VII
(Miscellaneous Provisions) shall survive any termination of this Agreement. This Agreement may be amended, and compliance with any term
hereof may be waived, only with the prior written consent of the Partnership (with the written approval of the General Partner) and the
Participant.

 

7.2           Termination
of Status as Participant. From and after the date that the Participant ceases to own any
Incentive Units, he shall cease to be a Participant for the purposes of this Agreement and all rights he may have hereunder shall terminate,
except for any rights with respect to matters contemplated hereby after such date and except for breaches occurring prior to such time.
For the purposes of the preceding sentence, the Participant shall be deemed to own all Incentive Units owned by his Permitted Transferees.

 

    

     

    

 

7.3           Notices.
All notices required hereunder shall be delivered to the following respective addresses:

 

(a)           The
Partnership:

 

Sovos Brands Limited Partnership

c/o Advent International Corporation

75 State Street

Boston, MA 02109

Attention: Jefferson Case and James Westra

 

With a copy to (which copy shall not constitute notice):

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, NY 10153

Attention: Marilyn French Shaw, Esq.

 

(b)            the
Participant, at the address of the Participant as specified below such Participant’s signature at the end of this Agreement.

 

Notices shall be in writing and shall be sent
by facsimile or pdf e-mail, by mail (postage prepaid, registered or certified, by United States mail, return receipt requested), by nationally
recognized private courier or by personal delivery. Notices shall be effective, (i) if sent by facsimile, when transmitted, (ii) if
sent by pdf e-mail, when transmitted, (iii) if by nationally recognized private courier, when deposited with the private courier,
(iv) if mailed, when deposited in the mail, and (v) if personally delivered, the earlier of when delivery is made or first refused.
Any Person may change its address for the delivery of notices by written notice served in accordance with the provisions hereof.

 

7.4           Miscellaneous.
The use of the singular or plural or masculine, feminine or neuter gender shall not be given
an exclusionary meaning and, where applicable, shall be intended to include the appropriate number or gender, as the case may be.

 

7.5           Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed to be an original
and all of which, when taken together, shall constitute one instrument. Facsimile and pdf e-mail signatures shall have the same legal
effect as manual signatures.

 

7.6           Entire
Agreement. This Agreement, the Plan and the Partnership Agreement constitute the entire agreement
between the parties with respect to the subject matter hereof and thereof. No promises, statements, understandings, representations, or
warranties of any kind, whether oral or in writing, express or implied have been made to Participant by any Person to induce him to enter
into this Agreement other than the express terms set forth in this Agreement, the Plan and the Partnership Agreement, and Participant
is not relying upon any promises, statements, understandings, representations, or warranties with respect to the subject matter hereof
other than those expressly set forth in this Agreement, the Plan and the Partnership Agreement. Any amendments to this Agreement must
be made in writing and duly executed by each of the parties entitled to adopt said amendment as provided in Section 7.1 or
by an authorized representative or agent of each such party. Participant hereby acknowledges and represents that he has had the opportunity
to consult with independent legal counsel or other advisor of his choice and has done so regarding his rights and obligations under this
Agreement, that he is entering into this Agreement knowingly, voluntarily, and of his own free will, that he is relying on his own judgment
in doing so, and that he fully understands the terms and conditions contained herein.

 

    

     

    

 

7.7           Incentive
Units Subject to Partnership Agreement. By entering into this Agreement the Participant agrees
and acknowledges that (i) the Participant has received and read a copy of the Plan and the Partnership Agreement and (ii) the
Incentive Units are subject to the Partnership Agreement, the terms and provisions of which are hereby incorporated herein by reference.
In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms of
this Agreement will govern and prevail. In the event of a conflict between any tem). or provision contained herein and a term in the Partnership
Agreement, the applicable terms and provisions of the Partnership Agreement will govern and prevail (except as expressly set forth herein).
Neither the adoption of the Plan nor any award made thereunder shall restrict in any way the adoption of any amendment to the Partnership
Agreement in accordance with the terms thereof, except as expressly set forth in the Plan or this Agreement.

 

7.8           Tax
Withholding. The Participant may be required to pay to the Partnership or any of its Subsidiaries
or Affiliates, and the Partnership and its Subsidiaries and Affiliates shall have the right and are hereby authorized to withhold from
any payment due or transfer made under this Agreement or from any other amount owing to the Participant, the amount (in cash or, at the
election of the Partnership, securities or other property) of any applicable federal, state, local or foreign withholding taxes in respect
of an Incentive Unit or any payment or transfer under this Agreement and to take such other action as may be necessary in the opinion
of the General Partner to satisfy all obligations for the payment of such taxes.

 

7.9           Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto,
their heirs, representatives, successors and permitted assigns (including Permitted Transferees to whom Units have been transferred, as
applicable).

 

7.10         Enforcement.
The failure of any party hereto to insist in one or more instances on performance by another
party hereto of any obligation, condition or other term of this Agreement in strict accordance with the provisions hereof shall not be
construed as a waiver of any right granted hereunder or of the future performance of any obligation, condition or other term of this Agreement
in strict accordance with the provisions hereof, and no waiver with respect thereto shall be effective unless contained in a writing signed
by or on behalf of the waiving party. The remedies in this Agreement shall be cumulative and are not exclusive of any other remedies provided
by law.

 

7.11        Governing
Law. This Agreement, and any and all claims arising out of, under, pursuant to, or in any
way related to this Agreement, including but not limited to any and all claims (whether sounding in contract or tort) as to this Agreement’s
scope, validity, enforcement, interpretation, construction, and effect, shall be governed by the laws of the State of Delaware (without
regard to any conflict of laws rule which might result in the application of the laws of any other jurisdiction).

 

    

     

    

 

7.12         Severability.
If any provision of this Agreement is, becomes or is deemed to be invalid, illegal or unenforceable
in any jurisdiction or as to any Person or award, such provision shall be constructed or deemed amended to conform to all applicable laws,
or if it cannot be construed or deemed amended without, in the determination of the General Partner, materially altering the intent of
this Agreement or the award, such provision shall be stricken as to such jurisdiction, Person or award and the remainder of this Agreement
and any such award shall remain in full force and effect.

 

7.13         No
Contract of Employment. Neither this Agreement nor any award granted under this Agreement
shall confer upon any Person any right to employment or other service or continuance of employment or other service by the Partnership
or any of its Subsidiaries or Affiliates. This Agreement does not constitute a contract of employment or impose on any Participant or
the Partnership or any of its Subsidiaries or Affiliates any obligations to retain the Participant as an employee of the Partnership or
any of its Subsidiaries or Affiliates, to change the status of the Participant’s employment, or to change the Partnership or any
of its Subsidiaries’ or Affiliates’ policies regarding termination of employment.

 

7.14         Captions.
The article or section titles or captions contained in this Agreement are for convenience only
and are not to be considered in the construction or interpretation of this Agreement or any provision thereof.

 

7.15         No
Third Party Rights. Nothing in this Agreement shall be construed to grant rights to any Person
who is not a party to this Agreement.

 

7.16         Rule of
Construction. The parties acknowledge and agree that each has negotiated and reviewed the
terms of this Agreement, assisted by such legal and tax counsel as they desired, and has contributed to its revisions. The parties further
agree that the rule of construction that a contract shall be construed against the drafter shall not be applied. The word “including”,
means “including, without limitation.”

 

7.17         Units
after Initial Public Offering. For purposes of determining vesting after an Initial Public
Offering, references to Units shall also be deemed to be references to the shares that the holder of such Units receives in respect of
such Units in connection with the Initial Public Offering.

 

[signature page follows]

 

    

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Agreement as of the date first above written.

 

	 	SOVOS BRANDS LIMITED
	 	PARTNERSHIP
	 	 
	 	By: 	Sovos Brands GP LLC, its general
	 	partner

 

	 	/s/ Larry Bodner 
	 	By:	 Larry Bodner
	 	Title: 	Chief Financial Officer

 

[SIGNATURE
PAGE TO INCENTIVE UNIT AWARD AGREEMENT]

 

    

     

    

 

	 	PARTICIPANT
	 	 
	 	/s/ Todd R. Lachman
	 	Name: 	Todd R. Lachman

 

[SIGNATURE
PAGE TO INCENTIVE UNIT AWARD AGREEMENT]

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