Richard A. Richieri - Jul 10, 2023 Form 4 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: Jul 10, 2023
Transactions value $: -$21,371
Form type: 4
Date filed: 7/12/2023, 07:37 PM
Previous filing: Jul 11, 2023
Next filing: Jul 14, 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		+4.05K	+21.26%		23.1K	Jul 10, 2023	Direct	F1
transaction	CDMO	Common Stock, $0.001 par value	Sale	-$19.7K	-1.42K	-6.15%	$13.86	21.7K	Jul 11, 2023	Direct	F2, F3
transaction	CDMO	Common Stock, $0.001 par value	Options Exercise		+289	+4.38%		6.89K	Jul 10, 2023	By Spouse	F1
transaction	CDMO	Common Stock, $0.001 par value	Sale	-$1.69K	-122	-1.77%	$13.86	6.77K	Jul 11, 2023	By Spouse	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	Restricted Stock Units	Options Exercise	$0	-4.05K	-10%	$0.00	36.4K	Jul 10, 2023	Common Stock	4.05K		Direct	F1, F4
transaction	CDMO	Restricted Stock Units	Options Exercise	$0	-135	-3.51%	$0.00	3.71K	Jul 10, 2023	Common Stock	135		By Spouse	F1, F4
transaction	CDMO	Restricted Stock Units	Options Exercise	$0	-154	-4.15%	$0.00	3.56K	Jul 10, 2023	Common Stock	154		By Spouse	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 or the reporting person's spouse 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.
F3	Represents a weighted average sales price per share. These shares were sold at prices ranging from $13.7609 to $13.86. 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 or the reporting person's spouse on July 10, 2020, vest in four (4) equal annual installments beginning July 10, 2021, and each year thereafter until fully-vested, subject to the continuous service to the Issuer on such vesting dates.
F5	RSUs granted to the reporting person's spouse on July 10, 2019, vested in four (4) equal annual installments and was fully-vested as of July 10, 2023.