SOVOS BRANDS LIMITED PARTNERSHIP
Exhibit 10.1
SOVOS BRANDS LIMITED PARTNERSHIP
2017 EQUITY INCENTIVE PLAN
INCENTIVE UNIT GRANT AGREEMENT
THIS INCENTIVE UNIT GRANT AGREEMENT (the "Agreement") is made as of June 4, 2018 (the "Grant Date") among Sovos Brands Limited Partnership, a Delaware limited partnership (the "Partnership") and Xxxx Xxxxxx (the "Participant").
RECITALS
AGREEMENTS
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 X.
XXXXX OF INCENTIVE UNITS
312.2 shall be eligible to vest based on the achievement of certain performance goals (the "Tranche 1 Performance Units"), 312.2 shall be eligible to vest based on the achievement of certain performance goals (the "Tranche 2 Performance Units"), 416.8 shall be eligible to vest based on the achievement of certain performance goals (the "Tranche 3 Performance Units") and
416.9 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: |
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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;
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ARTICLE II.
PROFITS INTERSETS; VESTING
(a) | Time Vesting Units |
(b) | Performance Vesting Units. |
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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).
ARTICLE III.
FORFEITURE OF INCENTIVE UNITS; REPURCHASE RIGHT
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ARTICLE IV.
PARTNERSIDP AGREEMENT
ARTICLE V.
DEFINITIONS
(a) | "Advent" means Advent International Corporation. |
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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. |
(f) | "Affiliate" shall have the meaning ascribed to such term in the Partnership |
Agreement.
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(i) | "Closing Date" means January 31, 2017. |
ARTICLE VI. RESTRICTIVE COVENANTS
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soliciting any such employee. An employee shall be deemed covered by this sub-section while so employed or retained and for six months thereafter. Notwithstanding the foregoing, the provisions of this sub-section shall not be violated by general advertising or solicitation not specifically targeted at employees of the Partnership or any of its Subsidiaries or Affiliates; provided, that such general advertising or solicitation does not result in the hiring of any employee that the Participant otherwise would be prohibited from hiring under this Section 6.1.
(iii) the Participant is required to disclose by applicable law, regulation or legal process
(provided that, to the extent not prohibited by applicable law, the Participant provides the Partnership with prior notice of the contemplated disclosure and cooperates with the Partnership at its expense in seeking a protective order or other appropriate protection of such information). Notwithstanding anything in this provision to the contrary, the Participant shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the Participant's assigned duties and for the benefit of the Partnership, either during the period of the Participant's employment or at any time thereafter, any information or data that constitutes a trade secret as defined by applicable law. Nothing in this provision shall be construed to prohibit the Participant from disclosing any such information to the Partnership's Affiliated entities provided that the Participant takes reasonable measures to ensure the continued confidentiality and trade secret status of such information. Notwithstanding anything herein to
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the contrary, nothing in this Agreement shall: (i) prohibit the Participant from making reports of possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Xxxxxxxx-Xxxxx Act of 2002, or of any other whistleblower protection provisions of state or federal law or regulation or (ii) require notification or prior approval by the Partnership of any reporting described in clause (i). The Participant acknowledges that the Participant is hereby notified, in accordance with the Defend Trade Secrets Act of 2016, 18 U.S.C. § 1833(b), that: (i) an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, in each case solely for the purpose of reporting or investigating a suspected violation of law; (ii) an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (iii) an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal and (B) does not disclose the trade secret except pursuant to court order.
(e) | Inventions. |
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written records (the "Records"), in the manner prescribed by the Partnership of all Inventions and will promptly disclose all Inventions completely and in writing to the Partnership. The Records shall be the sole and exclusive property of the Partnership and the Participant will surrender them upon the termination of the Employment Term, or upon the Partnership's request. The Participant will assign to the Partnership the Inventions and all patents that may issue thereon in any and all countries, whether during or subsequent to the Employment Term, together with the right to file, in the Participant's name or in the name of the Partnership (or its designee), applications for patents and equivalent rights (the "Applications"). The Participant will, at any time during and subsequent to the Employment Term, make such applications, sign such papers, take all rightful oaths, and perform all acts as may be requested from time to time by the Partnership with respect to the Inventions. The Participant will also execute assignments to the Partnership (or its designee), of the Applications, and give the Partnership and its attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for its benefit, all without additional compensation to the Participant from the Partnership but entirely at the Partnership's expense.
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Participant cannot be adequately compensated in an action for damages at law, and equitable relief would be necessary to protect the Partnership from a violation of this Agreement and from the harm which this Agreement is intended to prevent. By reason thereof, the Participant acknowledges that the Partnership is entitled, in addition to any other remedies it may have under this Agreement or otherwise, to preliminary and permanent injunctive and other equitable relief to prevent or curtail any breach of this Agreement. The Participant acknowledges, however, that no specification in this Agreement of a specific legal or equitable remedy may be construed as a waiver of or prohibition against pursuing other legal or equitable remedies in the event of a breach of this Agreement by the Participant.
ARTICLE VD. MISCELLANEOUS PROVISIONS
(a) | The Partnership: |
Sovos Brands Limited Partnership c/o Advent International Corporation 00 Xxxxx Xxxxxx
Boston, MA 02109
Attention: Xxxxxxxxx Xxxx and Xxxxx Xxxxxx
With a copy to (which copy shall not constitute notice): Xxxx, Gotshal & Xxxxxx LLP
000 Xxxxx Xxxxxx Xxx Xxxx, XX 00000
Attention: Xxxxxxx Xxxxxx Xxxx, Esq.
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Notices shall be in wTiting 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.
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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.
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the status of the Participant's employment, or to change the Partnership or any of its Subsidiaries' or Affiliates' policies regarding termination of employment.
[signature page follows]
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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/ Xxxx Xxxxxxx
By:
Name: Xxxx Xxxxxxx Its: President and CEO
[SIGNATURE PAGE TO INCENTIVE UNIT AWARD AGREEMENT]
PARTICIPANT
/s/ Xxxx Xxxxxx
[S!GNATURE PAGE TO INCENTIVE UNIT AWARD AGREEMENT]