Filing Details
- Accession Number:
- 0001683168-23-004598
- Form Type:
- 4
- Zero Holdings:
- No
- Publication Time:
- 2023-06-30 20:13:20
- Reporting Period:
- 2023-06-28
- Accepted Time:
- 2023-06-30 20:13:20
- SEC Url:
- Form 4 Filing
Issuer
| Cik | Name | Symbol | Sector (SIC) | IRS No |
|---|---|---|---|---|
| 704562 | Avid Bioservices Inc. | CDMO | Pharmaceutical Preparations (2834) | 953698422 |
Insiders
| Cik | Name | Reported Address | Insider Title | Director | Officer | Large Shareholder | Other |
|---|---|---|---|---|---|---|---|
| 1552642 | R Mark Ziebell | 14191 Myford Road Tustin CA 92780 | V. P., General Counsel | No | Yes | No | No |
Reported Non-Derivative Transactions
| Sec. Name | Acquisiton - Disposition | Date | Amount | Price | Remaning Holdings | Equity Swap Involved | Form Type | Code | Nature of Ownership | Explanation |
|---|---|---|---|---|---|---|---|---|---|---|
| Common Stock, $0.001 Par Value | Acquisiton | 2023-06-28 | 10,513 | $0.00 | 50,632 | No | 4 | M | Direct | |
| Common Stock, $0.001 Par Value | Disposition | 2023-06-29 | 2,377 | $12.70 | 48,255 | No | 4 | S | Direct | |
| Common Stock, $0.001 Par Value | Disposition | 2023-06-30 | 1,280 | $13.49 | 46,975 | No | 4 | S | Direct |
| Equity Swap Involved | Form Type | Code | Nature of Ownership | Explanation |
|---|---|---|---|---|
| No | 4 | M | Direct | |
| No | 4 | S | Direct | |
| No | 4 | S | Direct |
Reported Derivative Transactions
| Sec. Name | Sec. Type | Acquisiton - Disposition | Date | Amount | Price | Amount - 2 | Price - 2 |
|---|---|---|---|---|---|---|---|
| Common Stock | Performance Stock Units (FY 2022 Grant) | Disposition | 2023-06-28 | 3,789 | $0.00 | 3,789 | $0.00 |
| Common Stock | Performance Stock Units (FY 2022 Grant) | Disposition | 2023-06-28 | 3,642 | $0.00 | 3,642 | $0.00 |
| Common Stock | Performance Stock Units (FY 2023 Grant) | Disposition | 2023-06-28 | 6,724 | $0.00 | 6,724 | $0.00 |
| Common Stock | Performance Stock Units (FY 2023 Grant) | Disposition | 2023-06-28 | 6,725 | $0.00 | 6,725 | $0.00 |
| Remaning Holdings | Exercise Date | Expiration Date | Equity Swap Involved | Transaction Form Type | Transaction Code | Nature of Ownership |
|---|---|---|---|---|---|---|
| 51,421 | No | 4 | M | Direct | ||
| 47,779 | No | 4 | D | Direct | ||
| 41,055 | No | 4 | M | Direct | ||
| 34,330 | No | 4 | D | Direct |
Footnotes
- Each performance stock unit ("PSU") represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
- 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 PSUs described in footnote 4. This sale does not represent a discretionary trade by the reporting person.
- Represents a weighted average sales price per share. These shares were sold at prices ranging from $12.70 to $12.80. 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.
- 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.
- Vested PSUs settled into shares of the Issuer's Common Stock on the fifth business day following the chief financial officer's certification of the Issuer's achievement of the milestones for the Performance Period ended April 30, 2023.
- Represents the forfeiture of unearned PSUs for the Performance Period ended April 30, 2023.
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