Filing Details
- Accession Number:
- 0001683168-24-004910
- Form Type:
- 4
- Zero Holdings:
- No
- Publication Time:
- 2024-07-16 19:50:20
- Reporting Period:
- 2024-07-12
- Accepted Time:
- 2024-07-16 19:50:20
- 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 |
|---|---|---|---|---|---|---|---|
| 1976193 | A. Richard Richieri | 14191 Myford Road Tustin CA 92780 | Chief Operations 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 | 2024-07-12 | 1,469 | $0.00 | 34,759 | No | 4 | M | Direct | |
| Common Stock, $0.001 Par Value | Disposition | 2024-07-15 | 530 | $8.36 | 34,229 | 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 | Disposition | 2024-07-12 | 1,469 | $0.00 | 1,469 | $0.00 |
| Remaning Holdings | Exercise Date | Expiration Date | Equity Swap Involved | Transaction Form Type | Transaction Code | Nature of Ownership |
|---|---|---|---|---|---|---|
| 128,528 | No | 4 | M | Direct |
Reported Non-Derivative Holdings
| Sec. Name | Remaning Holdings | Nature of Ownership | Explanation |
|---|---|---|---|
| Common Stock, $0.001 Par Value | 6,957 | Indirect | By spouse |
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 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.
- 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 following the chief financial officer's certification of the Issuer's achievement of the milestones for the Performance Period ended April 30, 2024.
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