Matthew R. Kwietniak - 09 Oct 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: 09 Oct 2023
Net transactions value: -$8,924
Form type: 4
Filing time: 11 Oct 2023, 19:58:41 UTC
Previous filing: 13 Jul 2023
Next filing: 13 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		+1,261	+7.9%		17,245	09 Oct 2023	Direct	F1
transaction	CDMO	Common Stock, $0.001 par value	Options Exercise		+1,271	+7.4%		18,516	09 Oct 2023	Direct	F1
transaction	CDMO	Common Stock, $0.001 par value	Sale	$8,924	-970	-5.2%	$9.20	17,546	10 Oct 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	Restricted Stock Units	Options Exercise	$0	-1,261	-3%	$0.000000	40,240	09 Oct 2023	Common Stock	1,261		Direct	F1, F4
transaction	CDMO	Restricted Stock Units	Options Exercise	$0	-1,271	-3.2%	$0.000000	38,969	09 Oct 2023	Common Stock	1,271		Direct	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 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 by the reporting person.
F3	Represents a weighted average sales price per share. These shares were sold at prices ranging from $9.18 to $9.20. 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 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.
F5	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.