0001683168-21-002950.txt : 20210713 0001683168-21-002950.hdr.sgml : 20210713 20210713213933 ACCESSION NUMBER: 0001683168-21-002950 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20210709 FILED AS OF DATE: 20210713 DATE AS OF CHANGE: 20210713 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Hart Daniel R CENTRAL INDEX KEY: 0001346342 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-32839 FILM NUMBER: 211089165 MAIL ADDRESS: STREET 1: 2642 MICHELLE DR., SUITE 200 CITY: TUSTIN STATE: CA ZIP: 62780 FORMER NAME: FORMER CONFORMED NAME: Hart Daniel Ryan DATE OF NAME CHANGE: 20051208 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: Avid Bioservices, Inc. CENTRAL INDEX KEY: 0000704562 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 953698422 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 BUSINESS ADDRESS: STREET 1: 2642 MICHELLE DRIVE, SUITE 200 CITY: TUSTIN STATE: CA ZIP: 92780 BUSINESS PHONE: 714.508.6100 MAIL ADDRESS: STREET 1: 2642 MICHELLE DRIVE, SUITE 200 CITY: TUSTIN STATE: CA ZIP: 92780 FORMER COMPANY: FORMER CONFORMED NAME: PEREGRINE PHARMACEUTICALS INC DATE OF NAME CHANGE: 20001109 FORMER COMPANY: FORMER CONFORMED NAME: TECHNICLONE CORP/DE/ DATE OF NAME CHANGE: 19970924 FORMER COMPANY: FORMER CONFORMED NAME: TECHNICLONE INTERNATIONAL CORP DATE OF NAME CHANGE: 19920703 4 1 ownership.xml X0306 4 2021-07-09 0 0000704562 Avid Bioservices, Inc. CDMO 0001346342 Hart Daniel R 2642 MICHELLE DRIVE, SUITE 200 TUSTIN CA 92780 0 1 0 0 Chief Financial Officer Common Stock, $0.001 par value 2021-07-10 4 M 0 5866 A 26656 D Common Stock, $0.001 par value 2021-07-10 4 M 0 4856 A 31512 D Common Stock, $0.001 par value 2021-07-12 4 S 0 2959 25.6111 D 28553 D Common Stock, $0.001 par value 2021-07-12 4 S 0 2450 25.6103 D 26103 D Restricted Stock Units 2021-07-09 4 A 0 24320 0.0000 A 2021-10-09 Common Stock 24320 61344 D Performance Stock Units 2021-07-09 4 A 0 48641 0.0000 A 2022-04-30 Common Stock 48641 48641 D Restricted Stock Units 2021-07-10 4 M 0 5866 0.0000 D Common Stock 5866 55478 D Restricted Stock Units 2021-07-10 4 M 0 4856 0.0000 D Common Stock 4856 50622 D 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 6 and 7. This sale does not represent a discretionary trade by the reporting person. 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. 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, 2021 is subject to the Issuer achieving certain fiscal year revenue and adjusted net profit milestones, weighted 60% and 40%, respectively, over three (3) fiscal year performance periods beginning with the Issuer's fiscal year ending April 30, 2022 and continuing through the fiscal year ending April 30, 2024 (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"). In the event that 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 will be forfeited. RSUs granted to the reporting person on July 10, 2019, vest at the rate of 25% on each anniversary of the date of grant 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 10, 2020, vest at the rate of 25% on each anniversary of the date of grant until fully-vested, subject to the reporting person's continuous service to the Issuer on such vesting dates. /s/ Daniel R. Hart 2021-07-13