0001683168-23-004595.txt : 20230630
0001683168-23-004595.hdr.sgml : 20230630
20230630201202
ACCESSION NUMBER: 0001683168-23-004595
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20230628
FILED AS OF DATE: 20230630
DATE AS OF CHANGE: 20230630
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: 231063270
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: 14191 MYFORD ROAD
CITY: TUSTIN
STATE: CA
ZIP: 92780
BUSINESS PHONE: 714.508.6100
MAIL ADDRESS:
STREET 1: 14191 MYFORD ROAD
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
X0407
4
2023-06-28
0
0000704562
Avid Bioservices, Inc.
CDMO
0001346342
Hart Daniel R
14191 MYFORD ROAD
TUSTIN
CA
92780
0
1
0
0
Chief Financial Officer
0
Common Stock, $0.001 par value
2023-06-28
4
M
0
19476
A
68025
D
Common Stock, $0.001 par value
2023-06-29
4
S
0
6884
12.7014
D
61141
D
Performance Stock Units (FY 2022 Grant)
2023-06-28
4
M
0
8269
0
D
Common Stock
8269
91406
D
Performance Stock Units (FY 2022 Grant)
2023-06-28
4
D
0
7945
0
D
Common Stock
7945
83461
D
Performance Stock Units (FY 2023 Grant)
2023-06-28
4
M
0
11207
0
D
Common Stock
11207
72254
D
Performance Stock Units (FY 2023 Grant)
2023-06-28
4
D
0
11208
0
D
Common Stock
11208
61046
D
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.
/s/ Daniel R. Hart
2023-06-30