0001683168-23-004789.txt : 20230711 0001683168-23-004789.hdr.sgml : 20230711 20230711201411 ACCESSION NUMBER: 0001683168-23-004789 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20230709 FILED AS OF DATE: 20230711 DATE AS OF CHANGE: 20230711 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: 231083074 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 2023-07-09 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 2023-07-09 4 M 0 3621 A 65689 D Common Stock, $0.001 par value 2023-07-10 4 S 0 1269 13.7705 D 64420 D Performance Stock Units 2023-07-09 4 M 0 67822 0.0000 A 2024-04-30 Common Stock 67822 128868 D Restricted Stock Units 2023-07-09 4 M 0 33911 0.0000 A 2023-10-09 Common Stock 33911 90490 D Restricted Stock Units 2023-07-09 4 D 0 2101 0.0000 D Common Stock 2101 88389 D Restricted Stock Units 2023-07-09 4 D 0 1520 0.0000 D Common Stock 1520 86869 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 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. /s/ Daniel R. Hart 2023-07-11