SEC FORM 3 SEC Form 3
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person*
Hedberg Stephen Michael

(Last) (First) (Middle)
2642 MICHELLE DRIVE, SUITE 200

(Street)
TUSTIN CA 92780

(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
07/11/2018
3. Issuer Name and Ticker or Trading Symbol
Avid Bioservices, Inc. [ CDMO ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Principal Fin. & Acct. Officer
5. 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 Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, $0.001 par value 9,687 D
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) (1) 02/01/2020 Common Stock 4,286 20.51 D
Stock Option (right to buy) (1) 04/15/2020 Common Stock 714 28 D
Stock Option (right to buy) (1) 05/02/2021 Common Stock 2,143 17.08 D
Stock Option (right to buy) (1) 02/17/2022 Common Stock 4,107 6.65 D
Stock Option (right to buy) (1) 05/04/2022 Common Stock 6,196 3.22 D
Stock Option (right to buy) (1) 12/27/2022 Common Stock 7,500 8.26 D
Stock Option (right to buy) (1) 05/06/2023 Common Stock 7,295 9.87 D
Stock Option (right to buy) (1) 05/06/2024 Common Stock 10,095 12.25 D
Stock Option (right to buy) (1) 05/11/2025 Common Stock 7,642 9.17 D
Stock Option (right to buy) (1) 06/02/2026 Common Stock 9,971 3.5 D
Restricted Stock Right (2) (2) Common Stock 800 (3) D
Explanation of Responses:
1. The option is fully vested under the terms of the original option agreement.
2. The restricted stock right vests in four (4) equal annual installments over a four (4) year period beginning June 15, 2019 and each year thereafter until fully-vested.
3. Each restricted stock right represents the contingent right to receive one share of common stock upon vesting.
/s/ Stephen M. Hedberg 07/20/2018
** 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 5 (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.