Richard A. Richieri - Jul 12, 2024 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 12, 2024
Transactions value $: -$4,431
Form type: 4
Date filed: 7/16/2024, 07:50 PM
Previous filing: Jul 12, 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		+1.47K	+4.41%		34.8K	Jul 12, 2024	Direct	F1
transaction	CDMO	Common Stock, $0.001 par value	Sale	-$4.43K	-530	-1.52%	$8.36	34.2K	Jul 15, 2024	Direct	F2
holding	CDMO	Common Stock, $0.001 par value						6.96K	Jul 12, 2024	By spouse

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	-1.47K	-1.13%	$0.00	129K	Jul 12, 2024	Common Stock	1.47K		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.