Mark R. Ziebell - Jul 9, 2021 Form 4 Insider Report for Avid Bioservices, Inc. (CDMO)

Role
V. P., General Counsel
Signature
/s/ Mark R. Ziebell
Stock symbol
CDMO
Transactions as of
Jul 9, 2021
Transactions value $
-$184,574
Form type
4
Date filed
7/13/2021, 09:40 PM
Next filing
Oct 12, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CDMO Common Stock, $0.001 par value Options Exercise +10.5K +153.93% 17.3K Jul 10, 2021 Direct F1
transaction CDMO Common Stock, $0.001 par value Options Exercise +3.78K +21.78% 21.1K Jul 10, 2021 Direct F1
transaction CDMO Common Stock, $0.001 par value Sale -$136K -5.3K -25.11% $25.61 15.8K Jul 12, 2021 Direct F2
transaction CDMO Common Stock, $0.001 par value Sale -$48.8K -1.91K -12.04% $25.61 13.9K Jul 12, 2021 Direct F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction CDMO Restricted Stock Units Award $0 +11.1K +23.89% $0.00 57.8K Jul 9, 2021 Common Stock 11.1K Direct F1, F3
transaction CDMO Performance Stock Units Award $0 +22.3K $0.00 22.3K Jul 9, 2021 Common Stock 22.3K Direct F4, F5
transaction CDMO Restricted Stock Units Options Exercise $0 -10.5K -18.19% $0.00 47.3K Jul 10, 2021 Common Stock 10.5K Direct F1, F6
transaction CDMO Restricted Stock Units Options Exercise $0 -3.78K -7.99% $0.00 43.5K Jul 10, 2021 Common Stock 3.78K Direct F1, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each Restricted Stock Unit ("RSU") represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
F2 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 6 and 7. This sale does not represent a discretionary trade by the reporting person.
F3 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.
F4 Each Performance Stock Unit ("PSU") represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
F5 The vesting of the PSUs granted to the reporting person on July 9, 2021 is subject to the Issuer achieving certain fiscal year revenue and adjusted net profit milestones, weighted 60% and 40%, respectively, over three (3) fiscal year performance periods beginning with the Issuer's fiscal year ending April 30, 2022 and continuing through the fiscal year ending April 30, 2024 (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"). In the event that 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 will be forfeited.
F6 RSUs granted to the reporting person on July 10, 2019, vest at the rate of 25% on each anniversary of the date of grant until fully-vested, subject to the reporting person's continuous service to the Issuer on such vesting dates.
F7 RSUs granted to the reporting person on July 10, 2020, vest at the rate of 25% on each anniversary of the date of grant until fully-vested, subject to the reporting person's continuous service to the Issuer on such vesting dates.