AVID BIOSERVICES, IN

CDMO
Delayed Quote. Delayed  - 09/23 04:00:00 pm
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AVID BIOSERVICES, INC. : Entry into a Material Definitive Agreement, Change in Directors or Principal Officers (form 8-K)

07/31/2020 | 05:19pm

Item 1.01 Entry Into a Material Definitive Agreement.



The information set forth under Item 5.02 below is incorporated in its entirety
herein by reference.



Item 5.02 Departure of Directors or Certain Officers; Election of Directors;



Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.





On July 30, 2020, Mr. Richard B. Hancock notified the Board of Directors
("Board") of Avid Bioservices, Inc. (the "Company") that he was resigning as the
Company's interim President and Chief Executive Officer effective as of the
close of business on July 31, 2020. Mr. Hancock is succeeded by Mr. Nicholas S.
Green
, whose appointment by the Board was previously reported in the Company's
Current Report on Form 8-K filed with the Securities and Exchange Commission
("SEC") on June 25, 2020 (the "Prior Current Report"). Mr. Hancock will continue
to serve as a member of the Board.



On July 30, 2020, the Company and Mr. Green entered into an employment agreement
(the "Employment Agreement") containing the terms previously disclosed in the
Prior Current Report. The summary of the terms and conditions of the Employment
Agreement, as set forth in the Prior Current Report, is not complete and is
qualified in its entirety by reference to the full text of the Employment
Agreement, which the Company will file with the SEC as an exhibit to its Form
10-Q for the fiscal quarter ended July 31, 2020.
























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