Matthew R. Kwietniak - 11 Jul 2023 Form 4 Insider Report for Avid Bioservices, Inc.

Role: Chief Commercial Officer
Signature: /s/ Stephen Hedberg, by Power of Attorney for Matthew R. Kwietniak
Issuer symbol: N/A
Transactions as of: 11 Jul 2023
Net transactions value: -$3,430
Form type: 4
Filing time: 13 Jul 2023, 19:27:13 UTC
Previous filing: 11 Jul 2023
Next filing: 11 Oct 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		+669	+4.3%		16,236	11 Jul 2023	Direct	F1
transaction	CDMO	Common Stock, $0.001 par value	Sale	$3,430	-252	-1.6%	$13.61	15,984	12 Jul 2023	Direct	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	-669	-1.6%	$0.000000	41,501	11 Jul 2023	Common Stock	669		Direct	F1, F3

* 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 footnote 3. This sale does not represent a discretionary trade by the reporting person.
F3	RSUs granted to the reporting person on October 11, 2021, is subject to a four (4) 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, subject to the reporting person's continuous service to the Issuer on such vesting dates.