Daniel R. Hart - 05 Feb 2025 Form 4 Insider Report for Avid Bioservices, Inc.

Footnote F1

Represents shares of common stock that were disposed of at the effective time (the "Effective Time") of the merger (the "Merger") of Space Mergerco, Inc. ("Merger Sub") with and into Avid Bioservices, Inc. (the "Issuer") pursuant to the Agreement and Plan of Merger, dated as of November 6, 2024 (the "Merger Agreement"), by and among the Issuer, Space Finco, Inc., and Merger Sub.

Footnote F2

At the Effective Time, each outstanding share of common stock was cancelled and converted into the right to receive a cash payment per share of $12.50, without interest, subject to the terms and conditions of the Merger Agreement (the "Merger Consideration").

Footnote F3

Represents stock options ("Options") that were disposed of at the Effective Time of the Merger of Merger Sub with and into the Issuer pursuant to the Merger Agreement, by and among the Issuer, Space Finco, Inc., and Merger Sub.

Footnote F4

This Option was fully vested at the Effective Time. At the Effective Time, each fully vested Option was cancelled and converted solely into the right to receive a cash payment equal to the product of (a) the total number of shares of common stock subject to such Option immediately prior to the Effective Time, multiplied by (b) the excess, if any, of the Merger Consideration over the per share exercise price of such vested Option, without interest, subject to the terms and conditions of the Merger Agreement.

Footnote F5

Represents restricted stock units ("RSUs") that were disposed of at the Effective Time of the Merger of Merger Sub with and into the Issuer pursuant to the Merger Agreement, by and among the Issuer, Space Finco, Inc., and Merger Sub.

Footnote F6

At the Effective Time, each fully vested RSU was cancelled and converted solely into the right to receive a cash payment of $12.50 per share of common stock subject to such vested RSU, without interest, subject to the terms and conditions of the Merger Agreement.

Footnote F7

At the Effective Time, each unvested RSU was cancelled and converted solely into the right to receive a cash payment of $12.50 per share of common stock subject to such unvested RSU, without interest, subject to the terms and conditions of the Merger Agreement.

Footnote F8

Represents performance stock units ("PSUs") that were disposed of at the Effective Time of the Merger of Merger Sub with and into the Issuer pursuant to the Merger Agreement, by and among the Issuer, Space Finco, Inc., and Merger Sub.

Footnote F9

At the Effective Time, each fully vested PSU was cancelled and converted solely into the right to receive a cash payment of $12.50 per share of common stock subject to such vested PSU, without interest, subject to the terms and conditions of the Merger Agreement.

Footnote F10

At the Effective Time, each unvested PSU was cancelled and converted solely into the right to receive a cash payment of $12.50 per share of common stock that such unvested PSU would settle for at the greater of target performance and actual performance (determined as of the end of the fiscal quarter immediately preceding the Effective Time, without interest, subject to the terms and conditions of the Merger Agreement.