SEC Form 4 · accession 0001683168-17-002243
Avid Bioservices, Inc. · CDMO
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Eric S Swartz
Director
Period of report
Aug 25, 2017
Accepted (ET)
Aug 29, 2017 · 5:16 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000704562
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Option (right to buy)F1,F2 | $9.17 | Aug 25, 2017 | J | 15,966 | D | — | May 11, 2025 | Common Stock | 15,966 | 258,247 | D |
| Stock Option (right to buy)F1,F3 | $3.5007 | Aug 25, 2017 | J | 4,706 | D | — | Jun 2, 2026 | Common Stock | 4,706 | 253,541 | D |
Explanation of responses
- F1Pursuant to the settlement terms of a derivative lawsuit approved by Vice Chancellor Laster by Order dated July 27, 2017 (the "Settlement Date"), Mr. Swartz has agreed to an annual compensation cap for a period of two years from the Settlement Date. Although not required, on August 25, 2017, Mr. Swartz voluntarily surrendered for cancelation and for no consideration, 15,966 options (originally granted on May 11, 2015) and 4,706 options (originally granted on June 2, 2016), which reduced his total annual compensation for fiscal years 2016 and 2017 to below the agreed upon cap.
- F2The underlying option grant provided for vesting in eight (8) equal quarterly installments over a two (2) year period beginning August 11, 2015 and each quarter thereafter until fully-vested.
- F3The underlying option grant provided for vesting in eight (8) equal quarterly installments over a two (2) year period beginning September 2, 2016 and each quarter thereafter until fully-vested.