Nicholas S. Green - 30 Jul 2021 Form 4 Insider Report for Avid Bioservices, Inc. (CDMO)

Role: President & CEO, Director
Signature: /s/ Stephen Hedberg, by Power of Attorney for Nicholas S. Green
Issuer symbol: CDMO
Transactions as of: 30 Jul 2021
Net transactions value: -$477,998
Form type: 4
Filing time: 03 Aug 2021, 20:17:07 UTC
Previous filing: 13 Jul 2021
Next filing: 12 Oct 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CDMO	Common Stock, $0.001 par value	Options Exercise		+37,500	+3561%		38,553	30 Jul 2021	Direct	F1
transaction	CDMO	Common Stock, $0.001 par value	Sale	$477,998	-18,701	-49%	$25.56	19,852	02 Aug 2021	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CDMO	Restricted Stock Units	Options Exercise	$0	-37,500	-16%	$0.000000	201,675	30 Jul 2021	Common Stock	37,500		Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting of the RSU, one share of the Issuer's Common Stock.
F2	Represents the number of shares required to be sold to cover the statutory tax withholding obligations in connection with the vesting of the restricted stock units listed in Table II. This sale is mandated by the Issuer's election under the corresponding RSU award agreement to require the satisfaction of minimum statutory tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary sale by the reporting person.
F3	RSUs granted to the reporting person on July 30, 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 .