Daniel R. Hart - Oct 9, 2021 Form 4 Insider Report for Avid Bioservices, Inc. (CDMO)

Role: Chief Financial Officer
Signature: /s/ Daniel R. Hart
Stock symbol: CDMO
Transactions as of: Oct 9, 2021
Transactions value $: -$17,002
Form type: 4
Date filed: 10/12/2021, 05:36 PM
Previous filing: Jul 13, 2021
Next filing: Jan 4, 2022

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		+1.52K	+5.82%		27.6K	Oct 9, 2021	Direct	F1
transaction	CDMO	Common Stock, $0.001 par value	Sale	-$17K	-760	-2.75%	$22.37	26.9K	Oct 11, 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	Options Exercise	$0	-1.52K	-3%	$0.00	49.1K	Oct 9, 2021	Common Stock	1.52K		Direct	F1, F3

* 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 number of shares required to be sold to cover the statutory tax withholding obligations in connection with the vesting of the RSUs listed in Table II. This sale is mandated by the Issuer's election under its equity incentive plans to require the satisfaction of minimum statutory tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary sale 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.