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