Form 8-K - Current report
30 August 2024 - 6:30AM
Edgar (US Regulatory)
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2024-08-23
2024-08-23
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or
15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported): August 23,
2024
AVID
BIOSERVICES, INC.
(Exact name of registrant as specified
in its charter)
Delaware |
001-32839 |
95-3698422 |
(State of other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS
Employer
Identification No.) |
14191
Myford Road, Tustin, California 92780
(Address of Principal Executive Offices)
Registrant’s telephone number,
including area code: (714) 508-6100
__________________________________
(Former name or former address,
if changed since last report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425). |
| ☐ | Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of
the Act:
Title of each Class |
Trading Symbol |
Name of each exchange on which registered |
Common Stock, $0.001 par value
per share |
CDMO |
The NASDAQ Stock Market LLC |
Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
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:
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 |
|
|
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Daniel R. Hart |
|
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Chief Financial Officer |
|
EXHIBIT INDEX
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
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