Richard A. Richieri - Apr 26, 2023 Form 3 Insider Report for Avid Bioservices, Inc. (CDMO)

Role
Chief Operations Officer
Signature
/s/ Stephen Hedberg, by Power of Attorney for Richard A. Richieri
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 12.1K Apr 26, 2023 Direct
holding CDMO Common Stock, $0.001 par value 5.91K Apr 26, 2023 By Spouse

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 Stock Option (right to buy) Apr 26, 2023 Common Stock 56.3K $5.30 Direct F1
holding CDMO Stock Option (right to buy) Apr 26, 2023 Common Stock 48.5K $6.95 Direct F2
holding CDMO Restricted Stock Units Apr 26, 2023 Common Stock 8.09K Direct F3, F4
holding CDMO Restricted Stock Units Apr 26, 2023 Common Stock 4.56K Direct F4, F5
holding CDMO Restricted Stock Units Apr 26, 2023 Common Stock 12.3K Direct F4, F6
holding CDMO Performance Stock Units Apr 26, 2023 Common Stock 10.8K Direct F7, F8
holding CDMO Performance Stock Units Apr 26, 2023 Common Stock 30.3K Direct F8, F9
holding CDMO Stock Option (right to buy) Apr 26, 2023 Common Stock 1.65K $5.22 By Spouse F10
holding CDMO Stock Option (right to buy) Apr 26, 2023 Common Stock 1.43K $6.07 By Spouse F11
holding CDMO Stock Option (right to buy) Apr 26, 2023 Common Stock 2K $6.95 By Spouse F2
holding CDMO Restricted Stock Units Apr 26, 2023 Common Stock 154 By Spouse F4, F12
holding CDMO Restricted Stock Units Apr 26, 2023 Common Stock 270 By Spouse F3, F4
holding CDMO Restricted Stock Units Apr 26, 2023 Common Stock 360 By Spouse F4, F5
holding CDMO Restricted Stock Units Apr 26, 2023 Common Stock 1.08K By Spouse F4, F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The stock option granted on October 9, 2019, vests in four (4) equal annual installments beginning October 9, 2020 and each year thereafter until fully-vested.
F2 The stock option granted on July 10, 2020, vests in four (4) equal annual installments beginning July 10, 2021 and each year thereafter until fully-vested.
F3 The restricted stock units ("RSU") granted on July 10, 2020, vest in four (4) equal annual installments beginning July 10, 2021 and each year thereafter until fully-vested.
F4 Each RSU represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
F5 The RSUs granted 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.
F6 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.
F7 The performance stock units ("PSU") granted on July 9, 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.
F8 Each PSU represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
F9 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.
F10 The stock option is fully-vested.
F11 The stock option granted on July 10, 2019, vests in four (4) equal annual installments beginning July 10, 2020 and each year thereafter until fully-vested.
F12 The RSUs granted on July 10, 2019, vests in four (4) equal annual installments beginning July 10, 2020 and each year thereafter until fully-vested.