Mark R. Ziebell - 07 Jul 2022 Form 4 Insider Report for Avid Bioservices, Inc.

Role: V. P., General Counsel
Signature: /s/ Mark R. Ziebell
Issuer symbol: N/A
Transactions as of: 07 Jul 2022
Net transactions value: $0
Form type: 4
Filing time: 11 Jul 2022, 19:42:19 UTC
Previous filing: 01 Jul 2022
Next filing: 12 Jul 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		+5,350	+36%		20,331	07 Jul 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	-5,350	-24%	$0.000000	16,943	07 Jul 2022	Common Stock	5,350		Direct	F1, F2, F3
transaction	CDMO	Performance Stock Units	Disposed to Issuer	$0	-2,081	-12%	$0.000000	14,862	07 Jul 2022	Common Stock	2,081		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.