Document:

Exhibit 10.18 

 

Form of
Amendment

 

SOVOS BRANDS LIMITED PARTNERSHIP

 

AMENDMENT TO

INCENTIVE UNIT GRANT AGREEMENT[S]

 

THIS AMENDMENT (the
 “Amendment”), dated as of [●], 2021 (the “Effective Date”), is entered into by and between
Sovos Brands Limited Partnership, a Delaware limited partnership (the “Partnership”) and [●] (the “Participant”).

 

WHEREAS, the Participant
was granted Incentive Units of the Partnership pursuant to that certain Incentive Unit Grant Agreement, dated as of [●], [and that
certain Incentive Unit Grant Agreement, dated as of [●]], by and between the Participant and the Partnership (the “Grant
Agreement[s]”);

 

WHEREAS, the Partnership
and the Participant desire to enter into this Amendment to amend certain terms of the Grant Agreement[s]; and

 

WHEREAS, capitalized
terms that are not defined herein shall have the same meaning as set forth in the Grant Agreement[s], unless specified to the contrary.

 

NOW THEREFORE, in consideration
of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

 

		1.	Sections 2.3(b)(i), 2.3(b)(ii), 2.3(b)(iii), 2.3(b)(iv) and [2.3(b)(vi)]1
are hereby deleted and replaced with the following:

 

“(i)          Tranche
1 Performance Units. One-hundred percent (100%) of the Tranche 1 Performance Units shall become Vested Units on any Measurement Date
on which 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 such Measurement Date. 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. The Tranche 2 Performance Units shall become Vested Units on the basis of linear interpolation between the Advent
Group’s achievement of a MOIC of two (2) and two and one-half (2.5) on any Measurement Date, subject to the Participant's continued
employment with the Partnership or one of its Subsidiaries through such Measurement Date. For the avoidance of doubt, one-hundred percent
(100%) of the Tranche 2 Performance Units shall vest if the Advent Group receives Advent Cash Amounts resulting in a MOIC of at least
two and one-half (2.5).

 

(iii)          Tranche
3 Performance Units. The Tranche 3 Performance Units shall become Vested Units on the basis of linear interpolation between the Advent
Group’s achievement of a MOIC of two and one-half (2.5) and three (3) on any Measurement Date, subject to the Participant's
continued employment with the Partnership or one of its Subsidiaries through such Measurement Date. For the avoidance of doubt, one-hundred
percent (100%) of the Tranche 3 Performance Units shall vest if the Advent Group receives Advent Cash Amounts resulting in a MOIC of at
least three (3).

 

 

1 For CEO, replace bracketed section reference with Section
2.3(b)(vii).

 

    

     

    

 

(iv)          Tranche
4 Performance Units. The Tranche 4 Performance Units shall become Vested Units on the basis of linear interpolation between the Advent
Group’s achievement of a MOIC of three (3) and four (4) on any Measurement Date, subject to the Participant's continued
employment with the Partnership or one of its Subsidiaries through such Measurement Date. For the avoidance of doubt, one-hundred percent
(100%) of the Tranche 4 Performance Units shall vest if the Advent Group receives Advent Cash Amounts resulting in a MOIC of at least
four (4).

 

[(vi)] / [(vii)]           Calculation
of MOIC.

 

(A)          It
is understood and agreed that 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 of the Participant shall become Vested Units immediately prior to
such Measurement Date, 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.

 

(B)          Solely
for purposes of measuring the Advent Group’s MOIC in connection with a Deemed Sale under Section 2.3(c)(ii), the Partnership
shall be deemed to undergo a Hypothetical Liquidation and the Advent Group shall be deemed to receive Advent Cash Amounts equal to the
amount that would be received by the Advent Group upon a Hypothetical Liquidation of the Partnership, with all of the shares of capital
stock of the IPO Issuer then held by the Partnership valued at the volume-weighted average price of the IPO Issuer’s stock during
the thirty (30) consecutive trading days immediately preceding the date of such Deemed Sale. For the purposes of the immediately preceding
sentence, it shall be assumed that (x) any outstanding and unvested Time Vesting Units are Vested Incentive Units, (y) to the
extent the Measurement Date is a Deemed Sale under Section 2.3(c)(ii)(x), any outstanding and unvested Performance Vesting
Units for which the determination of MOIC on such Measurement Date has been waived by an individual Participant, if applicable, shall
be treated Vested Incentive Units and (z) any outstanding and unvested Performance Vesting Units for which the determination of MOIC
is being determined on such Measurement Date shall be treated as Vested Incentive Units to the extent such Performance Units would vest
on the basis of an iterative calculation, with any restricted shares of capital stock of the IPO Issuer that fail to vest as a result
of that calculation deemed sold by the Partnership at the volume-weighted average price of the IPO Issuer’s stock during the thirty
(30) consecutive trading days immediately preceding the date of such Deemed Sale and the resulting proceeds distributed in a Hypothetical
Liquidation of the Partnership.”

 

    2

     

    

 

2.             A new Section 2.3(c) “Performance
Vesting Following Initial Public Offering” is hereby added as follows:

 

“(i)         To
the extent the Tranche 1 Performance Units remain unvested as of the thirtieth (30th) trading day following an Initial Public Offering,
such date shall be deemed to be a Measurement Date and the Advent Group shall be deemed to sell for cash all of the capital stock of the
IPO Issuer then held by the Advent Group at the volume-weighted average price of the IPO Issuer’s stock during the thirty (30) consecutive
trading days immediately following the IPO Effective Date (including, for the avoidance of doubt, the IPO Effective Date). The Tranche
1 Performance Units shall vest to the extent that the Advent Group achieves a MOIC of at least two (2.0) on such Measurement Date (including,
for the avoidance of doubt, all capital stock of the IPO Issuer deemed to be sold for cash and all prior receipts of Advent Cash Amounts).
If the Advent Group does not achieve a MOIC of at least two (2.0) on such Measurement Date, the Tranche 1 Performance Units will remain
outstanding and eligible to vest in accordance with Section 2.3(b) and Section 2.3(c).

 

(ii)          On
the earlier of (x) the thirty-month anniversary of the IPO Effective Date and (y) the first date on which the Advent Group ceases
to hold equity securities representing at least twenty-five percent (25%) of the number of equity securities of the Partnership held by
the Advent Group immediately prior to the Initial Public Offering (taking into account adjustments for changes in capital structure) ((x) or
(y) as applicable shall be a Measurement Date), the Advent Group shall be deemed to sell for cash all of the capital stock of the
IPO Issuer then held by the Advent Group at the volume-weighted average price of the IPO Issuer’ stock during the thirty (30) consecutive
trading days immediately preceding such date, as applicable (a “Deemed Sale”)[; provided, that the Participant may
elect to waive the Measurement Date described in (x) above by providing written notice to the General Partner at any time within
the thirty days prior to thirty-month anniversary of the IPO Effective Date in which event only the Measurement Date in (y) above
shall apply and be a Deemed Sale with respect to such Participant.]2
All Performance Vesting Units shall vest on such Deemed Sale to the extent the performance conditions are satisfied and all Performance
Vesting Units that do not vest on such Deemed Sale shall be forfeited. For the avoidance of doubt, no Performance Vesting Units shall
be forfeited on or in connection with a Measurement Date that is not a Deemed Sale or a Change in Control.”

 

		3.	[A new Section 2.3(d) is hereby added as follows:

 

“Acceleration upon Qualifying
Termination in Connection with Initial Public Offering. Notwithstanding anything in Section 2.3(a) or Section 2.3(b) to
the contrary, if the Participant’s employment with the Partnership and its Subsidiaries is terminated as a result of a Qualifying
Termination or as a result of the Participant’s death or Disability (as defined in the Participant’s Employment Agreement),
in each case, (i) within ninety (90) days prior to the IPO Effective Date or (ii) at any time on or following an Initial Public
Offering, then (x) one hundred percent (100%) of the Participant’s Time Vesting Units that remain unvested shall become Vested
Units as of the date of termination and (y) one hundred percent (100%) of the Participant’s Performance Vesting Units that
remain unvested shall remain outstanding and eligible to vest in accordance with the terms of this Agreement (but disregarding any requirement
regarding the Participant's continued employment with the Partnership or one of its Subsidiaries through such Measurement Date); provided,
that, solely for purposes of this Section 2.3(d) prior to an Initial Public Offering, “Good Reason” shall
mean the Participant’s removal from the position of Chief Executive Officer without the express written consent of the Participant.”]3

 

 

2 Include bracketed language for CEO and CEO direct reports.

 

3 Include for CEO only.

 

    3

     

    

 

4.              A
new Section 2.4 is hereby added as follows:

 

“Employment with IPO Issuer.
On and following an Initial Public Offering, (a) the Participant’s employment with the IPO Issuer or one of its Subsidiaries
shall be deemed to be employment with the Partnership or one of its Subsidiaries and (b) the Participant’s termination of employment
with the IPO Issuer and its Subsidiaries shall be deemed to be a termination of employment with the Partnership and its Subsidiaries,
in each case, for all purposes under this Agreement and the Partnership Agreement.”

 

5.              [Section 3.1
is hereby deleted and replaced with the following:

 

“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 all 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) and Section 2.3(d))
or which do not remain outstanding and eligible to vest in accordance with the terms and conditions of Section 2.3(a)(iv),
Section 2.3(b)(v), or Section 2.3(d), as applicable, as of the date of termination of employment, shall immediately
be forfeited and cancelled in their entirety without any consideration to the Participant. In the event that any Performance Vesting Units
become Conditionally Vested Units, such Conditionally Vesting 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 a Change in Control Lookback, such Time
Vesting Units shall be subject to forfeiture pursuant to Section 2.3(a)(iv).”]4

 

6.              Section 5.1(b) is
hereby deleted and replaced with the following:

 

““Advent Cash Amounts”
means, as of any Measurement Date, without duplication, the sum of the following:

 

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

 

(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 Measurement Date; and

 

(iii)          an
amount equal to the fair market value, as determined by the General Partner in its reasonable good faith discretion, of Marketable Securities
received by the Advent Group (other than Marketable Securities of the IPO Issuer with respect to a Measurement Date that is not a Deemed
Sale or deemed Measurement Date under Section 2.3(c)(i)) on or before such Measurement Date 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).

 

 

4 Include for CEO only.

 

    4

     

    

 

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. For the avoidance
of doubt, “Advent Cash Amounts” shall include amounts deemed to be received by Advent Group under Section 2.3(c).”

 

7.             Section 5.1(d) is
hereby deleted and replaced with the following:

 

““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 or Sovos Brands, Inc., whether before, at or after the Closing Date.”

 

8.              Section 5.1(m) is
hereby deleted and replaced with the following:

 

““MOIC” shall
mean, as of any date of determination, the quotient obtained by dividing (i) the Advent Cash Amounts by (ii) the Advent Investment
Amount.”

 

 9.              Section 5.1(o) is hereby deleted and replaced with the following:

 

““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 as
if there were an actual sale of securities, excluding any amounts that are paid or reimbursed by the Partnership or its Subsidiaries.”

 

10.           A
new Section 5.1(q) is hereby added as follows:

 

““Measurement Date”
means a Change in Control and, following an Initial Public Offering, any date on which the Advent Group receives Advent Cash Amounts (and,
for the avoidance of doubt, any date deemed a Measurement Date under Section 2.3(c)).”

 

11.           A
new Section 5.1(r) is hereby added as follows:

 

“”IPO Effective Date”
means the date the Sovos Brands, Inc.’s Form 8-A is declared effective by the Securities and Exchange Commission.

 

 12.            Section 7.17 “Units after Initial Public Offering” is hereby deleted in entirety and replaced with the following:

 

“Any shares of common stock of
Sovos Brands, Inc. that the Participant receives in respect of Unvested Incentive Units in connection with an Initial Public Offering
shall be subject to the terms and conditions of a Restricted Stock Agreement to be entered into by and among Sovos Brands, Inc.,
the Partnership and the Participant.”

 

    5

     

    

 

		13.	References. All references in the Grant Agreement[s] to “Agreement” and any other references
of similar import shall hereinafter refer to the Grant Agreement as amended by this Amendment.

 

		14.	Remaining Provisions. Except as expressly modified by this Amendment, the Grant Agreement[s] shall
remain in full force and effect. This Amendment embodies the entire agreement and understanding of the parties hereto with respect to
the subject matter hereof, and supersedes all prior and contemporaneous agreements and understandings, oral or written, relative thereto.

 

		15.	Governing Law. This Amendment and all claims, causes of action or proceedings (whether in contract,
in tort, at law or otherwise) that may be based upon, arise out of or relate to this Amendment will be governed by the internal laws of
the State of Delaware, excluding any conflicts or choice-of-law rule or principle that might otherwise refer construction or interpretation
of this Amendment to the substantive law of another jurisdiction.

 

		16.	Amendment Effective Date. This Amendment shall become effective on the Effective Date; provided,
that if an Initial Public Offering or a Change in Control has not occurred prior to the December 31, 2021, this Amendment shall be
void ab initio and the terms of the Grant Agreement as in effect prior to the Effective Date shall apply.

 

		17.	Counterparts. This Amendment may be executed by either of the parties hereto in counterparts, each
of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument.

 

*       *       *

 

    6

     

    

 

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

 

	 	SOVOS BRANDS LIMITED PARTNERSHP
	 	 
	 	 
	 	By:	                       
	 	Name:
	 	Title: Authorized Signatory

 

[SIGNATURE PAGE TO AMENDMENT]

 

    

     

    

 

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

 

	 	PARTICIPANT
	 	 
	 	 
	 	By:	                        
	 	Name:

 

[SIGNATURE PAGE TO AMENDMENT]Exhibit 10.19

 

RESTRICTED STOCK AGREEMENT

 

THIS
RESTRICTED STOCK AGREEMENT (this “Agreement”), effective [●], 2021 (the “Distribution Date”),
is entered into by and among Sovos Brands, Inc., a Delaware corporation (the “Company”), Sovos Brands Limited
Partnership, a Delaware limited partnership (the “Partnership”), and [●] (the “Participant”).

 

R E C I T A L S

 

WHEREAS, the Partnership holds
Common Stock, par value $[●] per share, of the Company (the “Shares”);

 

WHEREAS,
as of the Distribution Date, the Participant holds Incentive Units of the Partnership that were granted pursuant to the terms of
[(i) an Incentive Unit Grant Agreement, dated [●] (the “[●] Grant Agreement”) and (ii) an Incentive
Unit Grant Agreement, dated [●] (the “[●] Grant Agreement”), in each case, between the Participant and
the Partnership (as each such agreement was amended effective as of [___], 2021, the “Incentive Unit Grant Agreement”);]
and

 

WHEREAS,
the Partnership wishes to distribute to the Participant the number of Shares set forth below, subject to certain restrictions as
set forth in this Agreement.

 

NOW, THEREFORE, the Partnership,
the Company and the Participant agree as follows:

 

1.             Distribution
of Restricted Stock. Subject to the terms, conditions and restrictions of this Agreement
and the Second Amended and Restated Agreement of Limited Partnership of Sovos Brands Limited Partnership, dated as of January 31,
2017 and as amended September 25, 2019 and June 6, 2021 (as may be further amended, amended and restated or modified from time
to time (the “Partnership Agreement”), the Partnership hereby agrees to distribute to the Participant [●] Shares
on the Distribution Date. The Participant acknowledges and agrees that such Shares are subject to certain restrictions set forth in Section 2
of this Agreement, which restrictions shall expire in accordance with the terms of Section 2 of this Agreement. While such
restrictions are in effect, the Shares subject to such restrictions shall be referred to herein as “Restricted Stock.”

 

2.             Vesting.
The Restricted Stock shall become vested and cease to be Restricted Stock as described in this
Section 2.

 

a.              Time-Vesting.

 

		(i)	[●] Shares of Restricted Stock shall
vest in [●] substantially equal quarterly installments, with the first vesting date occurring on [●], subject to the Participant’s
continuous employment with the Company or one of its Subsidiaries on the applicable vesting date.

 

		(ii)	[●] Shares of Restricted Stock shall
vest in [●] substantially equal quarterly installments, with the first vesting date occurring on [●], subject to the Participant’s
continuous employment with the Company or one of its Subsidiaries on the applicable vesting date.

 

     

     

    

 

		(iii)	In the event of a Change in Control, the Shares of Restricted Stock that are eligible to vest pursuant
to this Section 2(a) shall become fully vested immediately prior to the Change in Control, subject to the Participant’s
continuous employment with the Company or one of its Subsidiaries at such time, and cease to be Restricted Stock.

 

b.              Performance
Vesting. The Shares of Restricted Stock that are eligible to vest pursuant to this Section 2(b) shall be referred
to herein as “Performance Vesting Shares.”

 

		(i)	[●] Shares of Restricted Stock (the
 “Tranche 1 Performance Shares”) shall vest on any Measurement Date on which the Advent Group achieves a MOIC equal
to at least two (2), subject to the Participant's continuous employment with the Company or one of its Subsidiaries through such Measurement
Date. 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)	[●] Shares of Restricted Stock (the
 “Tranche 2 Performance Shares”) shall vest on the basis of linear interpolation between the Advent Group’s achievement
of a MOIC of two (2) and two and one-half (2.5) on any Measurement Date, subject to the Participant's continuous employment with
the Company or one of its Subsidiaries through such Measurement Date. For the avoidance of doubt, one-hundred percent (100%) of the Tranche
2 Performance Shares shall vest if the Advent Group receives Advent Cash Amounts resulting in a MOIC of at least two and one-half (2.5).

 

		(iii)	[●] Shares of Restricted Stock (the
 “Tranche 3 Performance Shares”) shall vest on the basis of linear interpolation between the Advent Group’s achievement
of a MOIC of two and one-half (2.5) and three (3) on any Measurement Date, subject to the Participant's continuous employment with
the Company or one of its Subsidiaries through such Measurement Date. For the avoidance of doubt, one-hundred percent (100%) of the Tranche
3 Performance Shares shall vest if the Advent Group receives Advent Cash Amounts resulting in a MOIC of at least three (3).

 

		(iv)	[●] Shares of Restricted Stock (the
 “Tranche 4 Performance Shares”) shall vest on the basis of linear interpolation between the Advent Group’s achievement
of a MOIC of three (3) and four (4) on any Measurement Date, subject to the Participant's continuous employment with the Company
or one of its Subsidiaries through such Measurement Date. For the avoidance of doubt, one-hundred percent (100%) of the Tranche 4 Performance
Shares shall vest if the Advent Group receives Advent Cash Amounts resulting in a MOIC of at least four (4).

 

     

     

    

 

		(v)	Any Performance Vesting Shares that have not
vested in connection with a Change in Control (after taking into account Performance Vesting Shares that vest in connection with
such Change in Control) shall be forfeited, transferred and contributed to the Partnership for no consideration following such Change
in Control.

 

		(vi)	Calculation of MOIC. The Advent Group’s MOIC shall be determined in accordance with the terms
of the Incentive Unit Grant Agreement, including [Section 2.3(b)(vi)].1
For the avoidance of doubt, the determination of the Advent Group’s MOIC for the purpose of determining vesting of Restricted Stock
shall in all events be consistent with the determination of the Advent Group’s MOIC for the purpose of determining the vesting of
Incentive Units under the Incentive Unit Grant Agreement.

 

		c.	Deemed Sale Events.

 

		(i)	To the extent the Tranche 1 Performance Shares remain unvested as of the thirtieth (30th) trading day
following the Effective Date, such date shall be deemed to be a Measurement Date and the Advent Group shall be deemed to sell for cash
all of the Shares then held by the Advent Group at the volume-weighted average price of the Shares during the thirty (30) consecutive
trading days immediately following the Effective Date (including, for the avoidance of doubt, the Effective Date). The Tranche 1 Performance
Shares shall vest to the extent that the Advent Group achieves a MOIC of at least two (2.0) on such Measurement Date (including, for the
avoidance of doubt, all Shares deemed to be sold for cash and all prior receipts of Advent Cash Amounts). If the Advent Group does not
achieve a MOIC of at least two (2.0) on such Measurement Date, the Tranche 1 Performance Shares will remain outstanding and eligible to
vest in accordance with Section 2(b) and Section 2(c).

 

 

1  For CEO, replace with Section 2.3(b)(vii).

 

     

     

    

 

		(ii)	On the earlier of (x) the thirty-month anniversary of the Effective Date and (y) the first date
on which the Advent Group ceases to hold Shares representing at least twenty-five percent (25%) of the number of equity securities of
the Partnership held by the Advent Group immediately prior to the Effective Date (taking into account adjustments for changes in capital
structure) ((x) or (y) as applicable shall be a Measurement Date), the Advent Group shall be deemed to sell for cash all of
the Shares then held by the Advent Group at the volume-weighted average price of the Shares during the thirty (30) consecutive trading
days immediately preceding such date, as applicable (a “Deemed Sale”)[; provided, that the Participant may elect to
waive the Measurement Date described in (x) above by providing written notice to the General Partner at any time within the thirty
days prior to thirty-month anniversary of the Effective Date in which event only the Measurement Date in (y) above shall apply and
be a Deemed Sale with respect to such Participant.]2 All Performance Vesting Shares shall vest on such Deemed Sale to the
extent the performance conditions are satisfied and all Performance Vesting Shares that do not vest on such Deemed Sale shall be forfeited.
For the avoidance of doubt, no Performance Vesting Shares shall be forfeited on or in connection with a Measurement Date that is not a
Deemed Sale or a Change in Control.

 

d.             [Acceleration
upon Qualifying Termination. Notwithstanding anything in Section 2(a) or Section 2(b) to the contrary,
if the Participant’s employment with the Company or one of its Subsidiaries is terminated as a result of a Qualifying Termination
(as defined in the Participant’s Incentive Unit Grant Agreement) or as a result of the Participant’s death or Disability (as
defined in the Participant’s employment agreement with the Company), then (i) one hundred percent (100%) of the Participant’s
Shares of Restricted Stock that are eligible to time-vest pursuant to Section 2(a) shall vest as of the date of termination
and (ii) one hundred percent (100%) of the Participant’s Performance Vesting Shares shall remain outstanding and eligible to
vest in accordance with the terms of this Agreement (but disregarding any requirement regarding the Participant's continued employment
with the Company or one of its Subsidiaries).]3

 

3.              Defined
Terms.

 

a.            “Advent”
means Advent International Corporation.

 

b.            “Advent
Cash Amounts” means, as of any Measurement Date, without duplication, the sum of the following: (i) the amount of cash
distributions, cash dividends and other cash proceeds received by the Advent Group on or prior to such Measurement Date in respect of
any Advent Investments, including cash proceeds received from a partial liquidation of the Partnership; (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 Measurement Date; and (iii) an amount equal to the fair market value,
as determined by the General Partner in its reasonable good faith discretion, of Marketable Securities received by the Advent Group (other
than Marketable Securities of the IPO Issuer with respect to a Measurement Date that is not a Deemed Sale or deemed Measurement Date under
Section 2(c)(i)) on or before such Measurement Date 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. For the avoidance of doubt, “Advent Cash Amounts” shall include amounts deemed to be received by Advent
Group under Section 2(c).

 

 

2  Include bracketed language for CEO and CEO direct
reports.

 

3  Include for CEO only.

 

     

     

    

 

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 or the Company, 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.            “Closing
Date” means January 31, 2017.

 

i.             “Change
in Control” shall have the meaning set forth in the Plan, as in effect on the Distribution Date and without regard to any subsequent
amendment to the definition of “Change in Control” therein.

 

j.             “Effective
Date” the date the Company’s Form 8-A is declared effective by the Securities and Exchange Commission.

 

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

 

l.             “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 Shares received by the
Advent Group (including Shares received in a stock split, stock dividend or similar change in capital structure) in respect of its Class A
Units.

 

m.           “Measurement
Date” means (i) a Change in Control and (ii) any date on which the Advent Group receives Advent Cash Amounts (and,
for the avoidance of doubt, any date deemed a Measurement Date under Section 2(c)).

 

n.            “MOIC”
shall mean, as of any date of determination, the quotient obtained by dividing (i) the Advent Cash Amounts by (ii) the Advent
Investment Amount.

 

o.            “Plan”
shall mean the Company’s 2021 Equity Incentive Plan.

 

     

     

    

 

p.            “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 as if there were an actual sale of securities, excluding any amounts that are paid or reimbursed by the Partnership or its Subsidiaries.

 

4.             Restrictions
on Transfer. The Participant shall not transfer, assign, encumber, pledge, charge or otherwise
dispose of the Shares of Restricted Stock or grant any proxy with respect thereto, except as specifically permitted by this Agreement
or by the Company. Any attempted transfer in violation of this Agreement shall be void and of no effect and the Company shall have the
right to disregard the same on its books and records and to issue “stop transfer” instructions to its transfer agent.

 

5.             Forfeiture;
Transfer. [Except as otherwise provided in Section 2(d),]4
unless otherwise set forth in an agreement between the Participant and the Company or the Participant and the Partnership,
if a Participant’s service terminates for any reason, any and all unvested Restricted Stock shall be forfeited, transferred and
contributed to the Partnership for no consideration immediately upon such termination. The provisions in Section 13 of the
Plan regarding Forfeiture shall apply to the Shares, except that Section 13.2(a)(ii) and Section 13.3(a) shall
not apply to the Participant’s Shares that are subject to this Agreement.

 

6.             Rights
as a Holder of Restricted Stock. From and after the Distribution Date, the Participant shall
have, with respect to the shares of Restricted Stock, all of the rights of a holder of Shares, including, without limitation, the right
to vote the Shares, to receive and retain all regular cash dividends payable to holders of Shares of record on and after the Distribution
Date, and to exercise all other rights, powers and privileges of a holder of Shares with respect to the Restricted Stock. Notwithstanding
the foregoing, (a) the Participant shall not be entitled to delivery of the stock certificate or certificates representing the Restricted
Stock until such Shares are no longer Restricted Stock; (b) if applicable, the Company (or its designated agent) will maintain custody
of the stock certificate or certificates representing the Restricted Stock and any other property (“RS Property”) issued
in respect of the Restricted Stock, including stock dividends, at all times such Shares are Restricted Stock; (c) if cash dividends
are paid with respect to the Restricted Stock, such dividends shall be subject to the same vesting terms as the Restricted Stock, and
shall be paid or delivered only when the Restricted Stock vests; (d) no RS Property will bear interest or be segregated in separate
accounts; and (e) the Participant shall not, directly or indirectly, transfer the Restricted Stock in any manner whatsoever.

 

 

4  Include for CEO only.

 

     

     

    

 

7.             Section 83(b) Election;
Taxes. Within thirty (30) days following the Distribution Date, the Participant shall timely
and properly file an election under Section 83(b) of the Code with respect to the Restricted Stock. The Participant acknowledges
that it is his or her sole responsibility, and not the Company’s or the Partnership’s, to timely and properly file an election
under Section 83(b) of the Code, and any corresponding provisions of state tax laws. If the Participant does not timely and
properly file and election under Section 83(b) of the Code, the Participant acknowledges that (a) no later than the date
on which any Restricted Stock shall have become vested, the Participant shall pay to the Company, or make arrangements satisfactory to
the Company regarding payment of, any federal, state or local taxes of any kind required by law to be withheld with respect to any Restricted
Stock which shall have become so vested and (b) the Company shall, to the extent permitted by law, have the right to deduct from
any payment of any kind otherwise due to the Participant any Federal, state or local taxes of any kind required by law to be withheld
with respect to any Restricted Stock which shall have become so vested, including that the Company may, but shall not be required to,
sell a number of Shares sufficient to cover applicable withholding taxes. The Company may hold as security any certificates representing
any Shares and, upon demand of the Company, the Participant shall deliver to the Company any certificates in his or her possession representing
Shares together with a stock power duly endorsed in blank.

 

8.              Legend.

 

a.            In
the event that a certificate evidencing Restricted Stock is issued, the certificate representing the Shares shall have endorsed thereon
the following legends:

 

“THE ANTICIPATION, ALIENATION,
ATTACHMENT, SALE, TRANSFER, ASSIGNMENT, PLEDGE, ENCUMBRANCE OR CHARGE OF THE SHARES OF COMMON STOCK REPRESENTED HEREBY ARE SUBJECT TO
THE TERMS AND CONDITIONS AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER, THE PARTNERSHIP AND THE COMPANY EFFECTIVE AS OF THE DISTRIBUTION
DATE. COPIES OF SUCH AGREEMENT ARE ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.”

 

b.            In
addition to the legend set forth in Section 8(a) and above, until registered under the Securities Act, each certificate
representing Shares of Restricted Stock shall be endorsed with a legend in substantially the following form:

 

"THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE.
SUCH SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT SUCH REGISTRATION, EXCEPT UPON DELIVERY TO
THE COMPANY OF SUCH EVIDENCE AS MAYBE SATISFACTORY TO COUNSEL FOR THE COMPANY TO THE EFFECT THAT ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION
OF THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS OR ANY RULE OR REGULATION PROMULGATED THEREUNDER."

 

Any legend required to be placed thereon by applicable
blue sky laws of any state. Notwithstanding the foregoing, in no event shall the Company be obligated to issue a certificate representing
the Restricted Stock prior to vesting as set forth in Section 2 hereof.

 

     

     

    

 

9.             Securities
Representations. The Shares are being distributed to the Participant and this Agreement is
being made in reliance upon the following express representations and warranties of the Participant. The Participant acknowledges, represents
and warrants that: (a) the Participant has been advised that the Participant may be an “affiliate” within the meaning
of Rule 144 under the Securities Act and the Company is relying in part on the Participant’s representations set forth in this
Section 9; (b) if the Participant is deemed an affiliate within the meaning of Rule 144 under the Securities Act,
the Shares must be held indefinitely by the Participant unless an exemption from the registration requirements of the Securities Act is
available for the resale of such Shares or the Company files an additional registration statement (or a “re-offer prospectus”)
with regard to the resale of such Shares and the Company is under no obligation to register the resale of the Shares (or to file a “re-offer
prospectus”); (c) if the Participant is deemed an affiliate within the meaning of Rule 144 under the Securities Act, the
Participant understands that the exemption from registration under Rule 144 will not be available under current law unless (i) a
public trading market then exists for the Shares, (ii) adequate information concerning the Company is then available to the public,
and (iii) other terms and conditions of Rule 144 or any exemption therefrom are complied with and that any sale of the Shares
may be made only in limited amounts in accordance with such terms and conditions; and (d) the Participant is either, as indicated
by the Participant on Exhibit A, (i) an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D promulgated under the Securities Act, as amended from time to time or (ii) 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 Shares, 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 Shares.

 

10.           Not
an Employment or Service Agreement. Neither the execution of this Agreement nor the issuance
of the Shares hereunder constitute an agreement by the Company or any of its Subsidiaries to employ or retain or to continue to employ
or retain the Participant during the entire, or any portion of, the term of this Agreement, including but not limited to any period during
which any Shares are outstanding.

 

11.           Power
of Attorney. The Partnership and the Company and their respective successors and assigns,
are hereby appointed the attorney-in-fact, with full power of substitution, of the Participant for the purpose of carrying out the provisions
of this Agreement and taking any action and executing any instruments which such attorney-in-fact may deem necessary or advisable to accomplish
the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. The Company and the Partnership,
as attorney-in-fact for the Participant, may in the name and stead of the Participant, make and execute all conveyances, assignments and
transfers of the Restricted Stock, other RS Property, Shares and property provided for herein, and the Participant hereby ratifies and
confirms that which the Company or the Partnership, as said attorney-in-fact, shall do by virtue hereof. Nevertheless, the Participant
shall, if so requested by the Company or the Partnership, execute and deliver to the Company or the Partnership all such instruments as
may, in the judgment of the Company or the Partnership, be advisable for this purpose.

 

12.           Miscellaneous.

 

a.            This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal representatives,
successors, trustees, administrators, distributees, devisees and legatees. The Company may assign to, and require, any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the
Company or any affiliate to which the Participant provides services to expressly assume and agree in writing to perform this Agreement.
Notwithstanding the foregoing, the Participant may not assign this Agreement other than with respect to Shares transferred in compliance
with the terms hereof.

 

     

     

    

 

b.            This
distribution of Restricted Stock shall not affect in any way the right or power of the Board or stockholders of the Company to make or
authorize an adjustment, recapitalization or other change in the capital structure or the business of the Company, any merger or consolidation
of the Company or subsidiaries, any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock,
the dissolution or liquidation of the Company, any sale or transfer of all or part of its assets or business or any other corporate act
or proceeding.

 

c.            The
Participant agrees that any other RS Property will not be taken into account as “salary” or “compensation” or
 “bonus” in determining the amount of any payment under any pension, retirement or profit-sharing plan of the Company or any
life insurance, disability or other benefit plan of the Company.

 

d.            No
modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party against
whom it is sought to be enforced.

 

e.            This
Agreement may be executed in one or more counterparts, all of which taken together shall constitute one contract.

 

f.            The
failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect the
right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement
shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver
of any right under this Agreement.

 

g.            The
headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify
any of the terms or provisions hereof.

 

h.            All
notices, consents, requests, approvals, instructions and other communications provided for herein shall be in writing and validly given
or made when delivered, or on the third succeeding business day after being mailed by registered or certified mail, whichever is earlier,
to the persons entitled or required to receive the same, at the addresses set forth at the heading of this Agreement or to such other
address as either party may designate by like notice. Notices to the Company shall be addressed to the Compensation Committee of the Board
of Directors of Sovos Brands, Inc. c/o Corporate Secretary at [___], with a copy to General Counsel, Sovos Brands, Inc. 1901
Fourth St #200 Berkeley, CA 94710. Notices to the Participant shall be addressed to the address on file with the Company’s payroll
department, or such address as subsequently provided by the Participant.

 

i.             This
Agreement shall be construed, interpreted and governed and the legal relationships of the parties determined in accordance with the internal
laws of the State of Delaware without reference to rules relating to conflicts of law.

 

12.           Provisions
of Plan Control. Although the Restricted Stock subject to this Agreement is not granted under
the Plan and the Shares are not registered on a Form S-8, except as expressly provided herein, the Agreement is subject to all the
terms, conditions and provisions of the Plan mutatis mutandis, including, without limitation, Section 16.2 (Amendment
and Termination) thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and
as may be in effect from time to time. Notwithstanding the foregoing, this Agreement may not be amended or terminated without the prior
written consent of the Participant. The Plan is incorporated herein by reference. A copy of the Plan has been delivered to the Participant.
If and to the extent that this Agreement expressly conflicts with the terms, conditions and provisions of the Plan, this Agreement shall
control. Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in
the Plan or the Incentive Unit Grant Agreement, as applicable. This Agreement contains the entire understanding of the parties with respect
to the subject matter hereof (other than any other documents expressly contemplated herein or in the Plan) and supersedes any prior agreements
between the Company and the Participant or between the Partnership and the Participant other than the Incentive Unit Grant Agreement.

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed as of the day and year first above written.

 

	 	Sovos Brands, Inc.
	 	 
	 	 
	 	By:	 
	 	Title: 	Authorized Signatory

 

	 	Sovos Brands Limited Partnership
	 	 
	 	 
	 	By:	 
	 	Title: 	Authorized Signatory

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed as of the day and year first above written.

 

		Participant
	 	 
	 	 

 

	 	Name:

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