Richard B. Hancock - 01 Feb 2022 Form 4 Insider Report for Avid Bioservices, Inc.

Role: Director
Signature: /s/ Stephen Hedberg, by Power of Attorney for Richard B. Hancock
Issuer symbol: N/A
Transactions as of: 01 Feb 2022
Net transactions value: -$70,906
Form type: 4
Filing time: 03 Feb 2022, 19:15:22 UTC
Previous filing: 05 Jan 2022
Next filing: 03 Mar 2022
SEC: View on sec.gov

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	$15,775	+3,378	+9.6%	$4.67	38,578	01 Feb 2022	Direct	F1
transaction	CDMO	Common Stock, $0.001 par value	Sale	$63,504	-3,378	-8.8%	$18.80	35,200	01 Feb 2022	Direct	F1, F2
transaction	CDMO	Common Stock, $0.001 par value	Options Exercise	$7,348	+1,622	+4.6%	$4.53	36,822	01 Feb 2022	Direct	F1
transaction	CDMO	Common Stock, $0.001 par value	Sale	$30,525	-1,622	-4.4%	$18.82	35,200	01 Feb 2022	Direct	F1, F3

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	Stock Option (right to buy)	Options Exercise	$0	-3,378	-1.4%	$0.000000	240,509	01 Feb 2022	Common Stock	3,378	$4.67	Direct	F1, F4
transaction	CDMO	Stock Option (right to buy)	Options Exercise	$0	-1,622	-0.67%	$0.000000	238,887	01 Feb 2022	Common Stock	1,622	$4.53	Direct	F1, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on October 15, 2021.
F2	Represents a weighted average sales price per share. These shares were sold at prices ranging from $18.21 to $19.21. 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.
F3	Represents a weighted average sales price per share. These shares were sold at prices ranging from $18.47 to $19.22. 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.
F4	Stock option granted to the reporting person on November 27, 2017 vested monthly over a three (3) period and was fully vested as of November 27, 2020.
F5	Stock option granted to the reporting person on May 7, 2019, vests in four (4) equal annual installments beginning May 7, 2020 and each year thereafter until fully-vested, subject to the reporting person's continuous service to the Issuer on such vesting dates.