Sovos Brands, Inc. Executive Severance Plan Letter Agreement with Kirk Jensen
This letter agreement between Sovos Brands, Inc. and Kirk Jensen outlines enhanced severance benefits for Mr. Jensen under the company's Severance Plan for Executives. If Mr. Jensen's employment ends under certain conditions specified in the Plan, he will receive 12 months of salary continuation, reimbursement for up to 12 months of COBRA premiums, and 100% of his annual target bonus paid over 12 months. These benefits are subject to the terms of the Plan and do not duplicate other severance payments. The company retains the right to amend or terminate the Plan.
Exhibit 10.36
March 14, 2022
Re: Sovos Brands, Inc. Severance Plan for Executives
Dear Mr. Jensen:
Reference is made to the Sovos Brands, Inc. Severance Plan for Executives (the “Plan”). Any capitalized term used herein, but not defined, shall have the meaning given to such term in the Plan. In the event your employment with the Company terminates under certain circumstances as set forth in the Plan, you will be eligible to receive the severance payments and benefits provided under the Plan as if Sections 2.1(a) and 2.1(d) of the Plan provided for 12 months of salary continuation and reimbursement for up to 12 months of COBRA premiums, in each case, subject to the terms and conditions of the Plan. Furthermore, you shall be eligible to receive 100% of your Annual Target Bonus, rather than 50%, under Section 2.1(b) of the Plan, payable over 12 months following your Separation Date, subject to the terms and conditions of the Plan. Nothing in this letter agreement is intended to duplicate the severance payments and benefits provided for under the Plan or impact the ability of the Plan Administrator to amend or terminate the Plan in accordance with Section 9 thereof.
Very truly yours,
/s/ Katie Gvazdinskas
Katie Gvazdinskas
Chief Human Resources Officer
Sovos Brands, Inc.
AGREED AND ACKNOWLEDGED:
_/s/ Kirk Jensen______________________________
Kirk Jensen
