SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
  
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Richieri Richard A.
(Last) (First) (Middle)
14191 MYFORD ROAD
(Street)
TUSTIN CA 92780
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Avid Bioservices, Inc. [ CDMO ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Operations Officer
3. Date of Earliest Transaction (Month/Day/Year)
10/09/2024
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, $0.001 par value 10/09/2024 M 5,506 A (1) 39,735 D
Common Stock, $0.001 par value 10/10/2024 S 2,031(2) D $10.05(3) 37,704 D
Common Stock, $0.001 par value 10/09/2024 M 462 A (1) 7,419 I By Spouse
Common Stock, $0.001 par value 10/10/2024 S 201(2) D $10.05(3) 7,218 I By Spouse
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units (1) 10/09/2024 D 507 (4) (4) Common Stock 507 $0.0000 69,718 D
Restricted Stock Units (1) 10/09/2024 D 945 (5) (5) Common Stock 945 $0.0000 68,773 D
Restricted Stock Units (1) 10/09/2024 D 1,060 (6) (6) Common Stock 1,060 $0.0000 67,713 D
Restricted Stock Units (1) 10/09/2024 D 2,994 (7) (7) Common Stock 2,994 $0.0000 64,719 D
Restricted Stock Units (1) 10/09/2024 D 40 (4) (4) Common Stock 40 $0.0000 5,703 I By Spouse
Restricted Stock Units (1) 10/09/2024 D 83 (5) (5) Common Stock 83 $0.0000 5,620 I By Spouse
Restricted Stock Units (1) 10/09/2024 D 131 (6) (6) Common Stock 131 $0.0000 5,489 I By Spouse
Restricted Stock Units (1) 10/09/2024 D 208 (7) (7) Common Stock 208 $0.0000 5,281 I By Spouse
Explanation of Responses:
1. Each restricted stock unit ("RSU") represents the contingent right to receive, upon vesting, one share of the Issuer's Common Stock.
2. Represents the shares sold by the reporting person and/or reporting person's spouse pursuant to a contractual election to satisfy tax withholding obligations in connection with the vesting and release of the RSUs described in footnotes 4, 5, 6, and 7. This sale does not represent a discretionary trade by the reporting person and/or the reporting person's spouse.
3. Represents a weighted average sales price per share. These shares were sold at prices ranging from $10.00 to $10.05. The reporting person and/or the reporting person's spouse 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.
4. RSUs granted to the reporting person and/or reporting person's spouse 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 continuous service to the Issuer on such vesting dates.
5. RSUs granted to the reporting person and/or reporting person's spouse 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.
6. RSUs granted to the reporting person and/or reporting person's spouse 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.
7. RSUs granted to the reporting person and/or the reporting person's spouse on July 9, 2024, vest in sixteen (16) equal quarterly installments over a four (4) year period beginning October 9, 2024, and each quarter thereafter until fully-vested, subject to the reporting person's and/or the reporting person's spouse's continuous service to the Issuer on such vesting dates.
/s/ Stephen Hedberg, by Power of Attorney for Richard A. Richieri 10/11/2024
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
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