Mark R. Ziebell - 09 Jul 2023 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: 09 Jul 2023
Net transactions value: -$9,460
Form type: 4
Filing time: 11 Jul 2023, 20:15:50 UTC
Previous filing: 03 Jul 2023
Next filing: 12 Jul 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		+1,958	+4.1%		49,860	09 Jul 2023	Direct	F1
transaction	CDMO	Common Stock, $0.001 par value	Sale	$9,460	-687	-1.4%	$13.77	49,173	10 Jul 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	Performance Stock Units	Options Exercise	$0	+40,015	+117%	$0.000000	74,345	09 Jul 2023	Common Stock	40,015		Direct	F4, F5
transaction	CDMO	Restricted Stock Units	Options Exercise	$0	+20,007	+49%	$0.000000	60,738	09 Jul 2023	Common Stock	20,007		Direct	F1, F6
transaction	CDMO	Restricted Stock Units	Disposed to Issuer	$0	-1,261	-2.1%	$0.000000	59,477	09 Jul 2023	Common Stock	1,261		Direct	F1, F7
transaction	CDMO	Restricted Stock Units	Disposed to Issuer	$0	-697	-1.2%	$0.000000	58,780	09 Jul 2023	Common Stock	697		Direct	F1, F8

* 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 7 and 8. 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 $13.77 to $13.88. 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	Each performance stock unit ("PSU") represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
F5	The vesting of the PSUs granted to the reporting person on July 9, 2023 is subject to the Issuer achieving certain fiscal year revenue and adjusted pre-tax net income milestones, each weighted 50%, over three (3) fiscal year performance periods beginning with the Issuer's fiscal year ending April 30, 2024 and continuing through the fiscal year ending April 30, 2026 (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 listed is based on a maximum 200% achievement of each milestone during each Performance Period (the "Maximum Performance Target"). If 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 are forfeited.
F6	RSUs granted to the reporting person on July 9, 2023, vest in sixteen (16) equal quarterly installments over a four (4) year period beginning October 9, 2023, and each quarter thereafter until fully-vested, subject to the reporting person's continuous service to the Issuer on such vesting dates.
F7	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.
F8	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.