Daniel R. Hart - 09 Apr 2023 Form 4 Insider Report for Avid Bioservices, Inc.

Role: Chief Financial Officer
Signature: /s/ Daniel R. Hart
Issuer symbol: N/A
Transactions as of: 09 Apr 2023
Net transactions value: -$25,340
Form type: 4
Filing time: 11 Apr 2023, 19:41:32 UTC
Previous filing: 07 Apr 2023
Next filing: 30 Jun 2023
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		+1,520	+3.3%		47,727	09 Apr 2023	Direct	F1
transaction	CDMO	Common Stock, $0.001 par value	Options Exercise		+2,102	+4.4%		49,829	09 Apr 2023	Direct	F1
transaction	CDMO	Common Stock, $0.001 par value	Sale	$25,340	-1,280	-2.6%	$19.80	48,549	10 Apr 2023	Direct	F2, 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	Restricted Stock Units	Options Exercise	$0	-1,520	-2.5%	$0.000000	58,681	09 Apr 2023	Common Stock	1,520		Direct	F1, F4
transaction	CDMO	Restricted Stock Units	Options Exercise	$0	-2,102	-3.6%	$0.000000	56,579	09 Apr 2023	Common Stock	2,102		Direct	F1, F5

* 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 4 and 5. This sale does not represent a discretionary trade by the reporting person.
F3	Represents a weighted average sales price per share. These shares were sold at prices ranging from $19.56 to $19.80. 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	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.
F5	RSUs granted to the reporting person on July 9, 2022, vest in sixteen (16) equal quarterly installments over a four (4) year period beginning October 9, 2022 and each quarter thereafter until fully-vested, subject to the reporting person's continuous service to the Issuer on such vesting dates.