Filing Details

Accession Number:
0001683168-23-004789
Form Type:
4
Zero Holdings:
No
Publication Time:
2023-07-11 20:14:11
Reporting Period:
2023-07-09
Accepted Time:
2023-07-11 20:14:11
SEC Url:
Form 4 Filing
Issuer
Cik Name Symbol Sector (SIC) IRS No
704562 Avid Bioservices Inc. CDMO Pharmaceutical Preparations (2834) 953698422
Insiders
Cik Name Reported Address Insider Title Director Officer Large Shareholder Other
1346342 R Daniel Hart 14191 Myford Road
Tustin CA 92780
Chief Financial Officer No Yes No No
Reported Non-Derivative Transactions
Sec. Name Acquisiton - Disposition Date Amount Price Remaning Holdings Equity Swap Involved Form Type Code Nature of Ownership Explanation
Common Stock, $0.001 Par Value Acquisiton 2023-07-09 3,621 $0.00 65,689 No 4 M Direct
Common Stock, $0.001 Par Value Disposition 2023-07-10 1,269 $13.77 64,420 No 4 S Direct
Equity Swap Involved Form Type Code Nature of Ownership Explanation
No 4 M Direct
No 4 S Direct
Reported Derivative Transactions
Sec. Name Sec. Type Acquisiton - Disposition Date Amount Price Amount - 2 Price - 2
Common Stock Performance Stock Units Acquisiton 2023-07-09 67,822 $0.00 67,822 $0.00
Common Stock Restricted Stock Units Acquisiton 2023-07-09 33,911 $0.00 33,911 $0.00
Common Stock Restricted Stock Units Disposition 2023-07-09 2,101 $0.00 2,101 $0.00
Common Stock Restricted Stock Units Disposition 2023-07-09 1,520 $0.00 1,520 $0.00
Remaning Holdings Exercise Date Expiration Date Equity Swap Involved Transaction Form Type Transaction Code Nature of Ownership
128,868 2024-04-30 No 4 M Direct
90,490 2023-10-09 No 4 M Direct
88,389 No 4 D Direct
86,869 No 4 D Direct
Footnotes
  1. Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
  2. Represents the shares automatically sold by the reporting person pursuant to an election to satisfy tax withholding obligations in connection with the vesting of the RSUs described in footnotes 7 and 8. This sale does not represent a discretionary trade by the reporting person.
  3. Represents a weighted average sales price per share. These shares were sold at prices ranging from $13.77 to $13.885. The Reporting Person has provided to the Issuer, and hereby undertakes to provide the SEC staff or a security holder of the Issuer, upon request, information regarding the number of shares sold at each respective price within the range set forth in this footnote.
  4. Each performance stock unit ("PSU") represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
  5. The vesting of the PSUs granted to the reporting person on July 9, 2023 is subject to the Issuer achieving certain fiscal year revenue and adjusted pre-tax net income milestones, each weighted 50%, over three (3) fiscal year performance periods beginning with the Issuer's fiscal year ending April 30, 2024 and continuing through the fiscal year ending April 30, 2026 (each a "Performance Period"). Subject to the Issuer attaining the applicable fiscal year milestones, 1/3rd of the PSUs will vest on the last day of each fiscal year during the Performance Period, subject to the reporting person's continuous service to the Issuer on such vesting dates. The number of PSUs listed is based on a maximum 200% achievement of each milestone during each Performance Period (the "Maximum Performance Target"). If a milestone is achieved at a rate below the Maximum Performance Target, or is not achieved, the corresponding portion of the PSUs that do not vest are forfeited.
  6. RSUs granted to the reporting person on July 9, 2023, vest in sixteen (16) equal quarterly installments over a four (4) year period beginning October 9, 2023, and each quarter thereafter until fully-vested, subject to the reporting person's continuous service to the Issuer on such vesting dates.
  7. RSUs granted to the reporting person on July 9, 2022, vest in sixteen (16) equal quarterly installments over a four (4) year period beginning October 9, 2022, and each quarter thereafter until fully-vested, subject to the reporting person's continuous service to the Issuer on such vesting dates.
  8. RSUs granted to the reporting person on July 9, 2021, vest in sixteen (16) equal quarterly installments over a four (4) year period beginning October 9, 2021, and each quarter thereafter until fully-vested, subject to the reporting person's continuous service to the Issuer on such vesting dates.