Form 4: Avid Bioservices Executive Richard A. Richieri Reports Stock Transactions

Richard A. Richieri, Chief Operations Officer of Avid Bioservices, reported the vesting and conversion of restricted stock units into common stock, as well as transactions by spouse.

Summary

• On April 9, 2024, Richard A. Richieri, the Chief Operations Officer of Avid Bioservices, Inc. (CDMO), reported transactions involving common stock and restricted stock units (RSUs).
• Richieri converted RSUs into common stock, with transactions involving 506, 946, and 1,060 shares.
• Additionally, transactions were reported for RSUs held by Richieri's spouse, involving 40, 83, and 131 shares.
• The transactions were executed under a plan where RSUs vest in sixteen equal quarterly installments over four years from the grant date.
• Following these transactions, Richieri directly owns 28,137 shares of common stock and indirectly owns 5,462 shares through his spouse.
• He also directly owns 28,868 RSUs and indirectly owns 2,793 RSUs through his spouse.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects routine executive compensation and alignment of interests with shareholders through stock ownership.

Positives

• The vesting of RSUs indicates continued service and commitment of the COO to the company.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency regarding the executive's stake in the company.

Stakeholder Impact

• The transactions provide transparency to shareholders regarding executive compensation and ownership.

Key Dates

Keywords

Avid Bioservices, CDMO, Richard A. Richieri, Chief Operations Officer, stock, restricted stock units, RSU, Form 4, beneficial ownership