Mark R. Ziebell - May 1, 2023 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
May 1, 2023
Transactions value $
-$201,103
Form type
4
Date filed
5/2/2023, 07:44 PM
Previous filing
Apr 11, 2023
Next filing
Jun 30, 2023

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 $247K +25K +62.31% $9.87 65.1K May 1, 2023 Direct
transaction CDMO Common Stock, $0.001 par value Sale -$448K -25K -38.39% $17.91 40.1K May 1, 2023 Direct F1, 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 Stock Option (right to buy) Options Exercise $0 -25K -10.45% $0.00 214K May 1, 2023 Common Stock 25K $9.87 Direct F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

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 17, 2022.
F2 Represents a weighted average sales price per share. These shares were sold at prices ranging from $17.54 to $18.25. 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 Stock option granted to the reporting person on May 6, 2013 vested in eight (8) equal quarterly installments and was fully-vested as of May 6, 2015.