Filing Details
- Accession Number:
- 0001683168-23-004789
- Form Type:
- 4
- Zero Holdings:
- No
- Publication Time:
- 2023-07-11 20:14:11
- Reporting Period:
- 2023-07-09
- Accepted Time:
- 2023-07-11 20:14:11
- 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 |
|---|---|---|---|---|---|---|---|
| 1346342 | R Daniel Hart | 14191 Myford Road Tustin CA 92780 | Chief Financial Officer | 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 | 2023-07-09 | 3,621 | $0.00 | 65,689 | No | 4 | M | Direct | |
| Common Stock, $0.001 Par Value | Disposition | 2023-07-10 | 1,269 | $13.77 | 64,420 | No | 4 | S | Direct |
| Equity Swap Involved | Form Type | Code | Nature of Ownership | Explanation |
|---|---|---|---|---|
| No | 4 | M | 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 | Acquisiton | 2023-07-09 | 67,822 | $0.00 | 67,822 | $0.00 |
| Common Stock | Restricted Stock Units | Acquisiton | 2023-07-09 | 33,911 | $0.00 | 33,911 | $0.00 |
| Common Stock | Restricted Stock Units | Disposition | 2023-07-09 | 2,101 | $0.00 | 2,101 | $0.00 |
| Common Stock | Restricted Stock Units | Disposition | 2023-07-09 | 1,520 | $0.00 | 1,520 | $0.00 |
| Remaning Holdings | Exercise Date | Expiration Date | Equity Swap Involved | Transaction Form Type | Transaction Code | Nature of Ownership |
|---|---|---|---|---|---|---|
| 128,868 | 2024-04-30 | No | 4 | M | Direct | |
| 90,490 | 2023-10-09 | No | 4 | M | Direct | |
| 88,389 | No | 4 | D | Direct | ||
| 86,869 | No | 4 | D | Direct |
Footnotes
- Each restricted stock unit ("RSU") 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 RSUs described in footnotes 7 and 8. 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 $13.77 to $13.885. 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.
- Each performance stock unit ("PSU") represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
- The vesting of the PSUs granted to the reporting person on July 9, 2023 is subject to the Issuer achieving certain fiscal year revenue and adjusted pre-tax net income milestones, each weighted 50%, over three (3) fiscal year performance periods beginning with the Issuer's fiscal year ending April 30, 2024 and continuing through the fiscal year ending April 30, 2026 (each 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 listed is 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.
- 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.
- 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.
- RSUs granted to the reporting person on July 9, 2021, vest in sixteen (16) equal quarterly installments over a four (4) year period beginning October 9, 2021, and each quarter thereafter until fully-vested, subject to the reporting person's continuous service to the Issuer on such vesting dates.
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