Form 4: Avid Bioservices Officer Richard A. Richieri Reports Stock Transactions
SEC Form 4
Richard A. Richieri, Chief Operations Officer of Avid Bioservices, Inc., reports acquisition and disposal of common stock and derivative securities.
Summary
- Richard A. Richieri, Chief Operations Officer of Avid Bioservices, Inc., filed a Form 4 detailing changes in beneficial ownership.
- On July 9, 2024, Richieri acquired 2,512 shares of common stock through the vesting of restricted stock units and 255 shares through holdings by his spouse.
- On July 10, 2024, Richieri sold 910 shares of common stock at $7.54 per share and his spouse sold 115 shares at $7.54 per share to satisfy tax withholding obligations.
- Richieri also reported transactions involving performance stock units (PSUs) and restricted stock units (RSUs).
- These RSUs vest in quarterly installments over four years, subject to continuous service.
- The PSUs vest based on Avid Bioservices achieving certain fiscal year revenue and adjusted pre-tax net income milestones over three fiscal years, beginning April 30, 2025.
- The number of PSUs listed is based on a maximum 200% achievement of each milestone during each Performance Period.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing, so the sentiment is neutral.
Future Outlook
The vesting of PSUs is contingent upon the Issuer achieving certain fiscal year revenue and adjusted pre-tax net income milestones over three fiscal year performance periods beginning with the Issuer's fiscal year ending April 30, 2025 and continuing through the fiscal year ending April 30, 2027.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. This filing is typical for officers receiving stock-based compensation.
Stakeholder Impact
- Shareholders are informed about insider transactions, promoting transparency.
- Employees holding similar equity compensation may be interested in the vesting schedules and performance conditions.
Key Dates
| Date | Description |
|---|---|
| 07/09/2021 | 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 continuous service to the Issuer on such vesting dates. |
| 07/09/2022 | 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 continuous service to the Issuer on such vesting dates. |
| 07/09/2023 | 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 continuous service to the Issuer on such vesting dates. |
| 07/09/2024 | Earliest transaction date reported. |
| 07/09/2024 | PSUs granted to the reporting person on July 9, 2024. |
| 07/09/2024 | 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. |
| 07/10/2024 | Date of common stock sales. |
| 07/11/2024 | Date of signature. |
| 10/09/2024 | 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. |
| 04/30/2025 | Beginning of the fiscal year performance periods for PSU vesting. |
| 04/30/2027 | End of the fiscal year performance periods for PSU vesting. |
Keywords
Form 4, Avid Bioservices, CDMO, Richard A. Richieri, Stock Transactions, Beneficial Ownership, Restricted Stock Units, Performance Stock Units
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