UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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| ITEM 5.02 | DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. |
Amendment to Deferred Compensation Plan
On August 23, 2024, the Board of Directors (the “Board”) of Avid Bioservices, Inc. (the “Company”) approved and adopted an amendment (the “Second Amendment”) to the Avid Bioservices, Inc. Deferred Compensation Plan dated July 7, 2023, as amended (the “Plan”). The Second Amendment makes certain modifications to the Plan in order to clarify that all amounts distributable from the Company Stock Fund and all deferrals of Equity Awards must be distributed to the Participants in the form of Company Stock.
The foregoing description is qualified in its entirety by reference to the Second Amendment, a copy of which is filed as exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
(d) Exhibits. The following material is filed as an exhibit to this Current Report on Form 8-K:
| Exhibit Number | Description | |
| 10.1 | Second Amendment to Avid Bioservices, Inc. Deferred Compensation Plan | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AVID BIOSERVICES, INC. | |||
| Date: August 29, 2024 | By: | /s/ Daniel R. Hart | |
| Daniel R. Hart | |||
| Chief Financial Officer | |||
| 3 |
EXHIBIT INDEX
| Exhibit Number | Description | |
| 10.1 | Second Amendment to Avid Bioservices, Inc. Deferred Compensation Plan | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
| 4 |
Exhibit 10.1
Second Amendment to the
Avid Bioservices, Inc. Deferred Compensation Plan
Effective as of July 7, 2023, Avid Bioservices, Inc., a Delaware corporation (the “Company”), established the Avid Bioservices, Inc. Deferred Compensation Plan (the “Plan”). The Plan was amended on one prior occasion. By adoption of this instrument, the Company now desires to amend the Plan to clarify that all deferrals related to Equity Awards (as defined in the Plan) must be settled in the form of Company Stock (as defined in the Plan).
1. This Amendment shall be effective as of August 23, 2024.
2. Section 6.2(d) of the Plan is hereby amended by adding the following new paragraph to the end thereof to read as follows:
(4) Notwithstanding any provision in this Plan or any Deferral Agreement to the contrary, all amounts distributable from the Company Stock Fund and all deferrals of Equity Awards must be distributed to the Participants in the form of Company Stock.
3. Section 7.3 of the Plan is hereby amended by adding the following new paragraph to the end thereof to read as follows:
(g) EQUITY AWARDS. Notwithstanding any provision in this Plan or any Deferral Agreement to the contrary, all amounts distributable from the Company Stock Fund and all deferrals of Equity Awards must be distributed to the Participants in the form of Company Stock.
4. This Amendment shall only amend the provisions of the Plan referred to above, and those provisions not amended hereby shall be considered in full force and effect. Notwithstanding the foregoing, this Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions and intent of this Amendment.
IN WITNESS WHEREOF, the Company has caused this Amendment to be executed as of this 23rd day of August, 2024.
Avid Bioservices, Inc.
By: /s/ Nicholas S. Green
Its: President & Chief Executive Officer