Matthew R. Kwietniak - Apr 26, 2023 Form 3 Insider Report for Avid Bioservices, Inc. (CDMO)

Role: Chief Commercial Officer
Signature: /s/ Stephen Hedberg, by Power of Attorney for Matthew R. Kwietniak
Stock symbol: CDMO
Transactions as of: Apr 26, 2023
Transactions value $: $0
Form type: 3
Date filed: 5/5/2023, 07:35 PM
Next filing: Jun 30, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	CDMO	Common Stock, $0.001 par value						7.65K	Apr 26, 2023	Direct

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
holding	CDMO	Restricted Stock Units							Apr 26, 2023	Common Stock	6.69K		Direct	F1, F2
holding	CDMO	Restricted Stock Units							Apr 26, 2023	Common Stock	16.4K		Direct	F2, F3
holding	CDMO	Performance Stock Units							Apr 26, 2023	Common Stock	14.3K		Direct	F4, F5
holding	CDMO	Performance Stock Units							Apr 26, 2023	Common Stock	40.3K		Direct	F5, F6

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

Explanation of Responses:

Id	Content
F1	The restricted stock units ("RSU") granted on October 11, 2021, is subject to a four (4) year vesting schedule. 25% vest on the first anniversary of the date of grant, and the remaining balance vest in twelve (12) equal quarterly installments beginning January 11, 2023 and each quarter thereafter until fully-vested.
F2	Each RSU represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
F3	The RSUs granted 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.
F4	The performance stock units ("PSU") granted on October 11, 2021, is subject to the Issuer achieving certain fiscal year revenue and adjusted net profit milestones, weighted 60% and 40%, respectively, 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. The number of PSUs listed is based on a maximum 200% achievement of each milestone during each remaining 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.
F5	Each PSU represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
F6	The PSUs granted on July 9, 2022, is subject to the Issuer achieving certain fiscal year revenue and adjusted net profit milestones, each weighted 50%, over three (3) fiscal year performance periods beginning with the Issuer's fiscal year ending April 30, 2023 and continuing through the fiscal year ending April 30, 2025 (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. The number of PSUs listed is 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.