Mark R. Ziebell - Jul 7, 2022 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 7, 2022
Transactions value $
$0
Form type
4
Date filed
7/11/2022, 07:42 PM
Previous filing
Jul 1, 2022
Next filing
Jul 12, 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 +5.35K +35.71% 20.3K Jul 7, 2022 Direct F1

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 Performance Stock Units Options Exercise $0 -5.35K -24% $0.00 16.9K Jul 7, 2022 Common Stock 5.35K Direct F1, F2, F3
transaction CDMO Performance Stock Units Disposed to Issuer $0 -2.08K -12.28% $0.00 14.9K Jul 7, 2022 Common Stock 2.08K Direct F1, F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each Performance Stock Unit ("PSU") represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
F2 The vesting of the PSUs granted to the reporting person on July 9, 2021 is subject to the Issuer achieving certain fiscal year financial milestones 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 initially reported by the reporting person was 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.
F3 Vested PSUs settled into shares of the Issuer's Common Stock on the fifth business day following the chief financial officer's certification of the Issuer's achievement of the milestones for the Performance Period ended April 30, 2022.
F4 Represents the forfeiture of unearned PSUs for the Performance Period ended April 30, 2022.