Matthew R. Kwietniak - Jul 12, 2024 Form 4 Insider Report for Avid Bioservices, Inc. (CDMO)

Role
Chief Commercial Officer
Signature
/s/ Stephen Hedberg, by Power of Attorney for Matthew R. Kwietniak
Stock symbol
CDMO
Transactions as of
Jul 12, 2024
Transactions value $
-$2,567
Form type
4
Date filed
7/16/2024, 07:48 PM
Previous filing
Jul 15, 2024
Next filing
Oct 11, 2024

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 +881 +3.86% 23.7K Jul 12, 2024 Direct F1
transaction CDMO Common Stock, $0.001 par value Sale -$2.57K -307 -1.29% $8.36 23.4K Jul 15, 2024 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 Performance Stock Units Options Exercise $0 -881 -0.64% $0.00 137K Jul 12, 2024 Common Stock 881 Direct F1, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each performance stock unit ("PSU") represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
F2 Represents the shares sold by the reporting person pursuant to a contractual election to satisfy tax withholding obligations in connection with the vesting and release of the PSUs described in footnote 4. This sale does not represent a discretionary trade by the reporting person.
F3 The PSUs granted to the reporting person vest based on the Issuer achieving certain fiscal year financial milestones over three (3) consecutive fiscal year performance periods (i.e., May 1 to April 30) commencing with the fiscal year in which the PSU was initially granted (each fiscal year 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 initially reported by the reporting person was 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.
F4 Vested PSUs settled into shares of the Issuer's Common Stock following the chief financial officer's certification of the Issuer's achievement of the milestones for the Performance Period ended April 30, 2024.