Avid Bioservices, Inc.
Avid Bioservices, Inc. (Form: 8-K, Received: 02/23/2018 17:55:31)




Washington, D.C. 20549








Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): February 23, 2018




(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.)
2642 Michelle Drive, Suite 200, 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:


o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


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 o


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. o







Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


(b)       On February 23, 2018, Mr. Paul J. Lytle gave notice of his voluntary resignation as Chief Financial Officer of Avid Bioservices, Inc., or the Company, to be effective ninety (90) days from the date of the notice, or the Extended Notice Period. Pursuant to Section 7.5 of his Amended and Restated Employment Agreement with an effective date of December 27, 2012, the Company shall continue to pay Mr. Lytle his monthly base salary and provide his Company-paid medical benefits during the Extended Notice Period and for a period of six months following the expiration of the Extended Notice Period; provided, that Mr. Lytle makes himself telephonically available to the Company’s Board of Directors and executive team for up to two hours per week during such six month period. The Company is initiating a search for its next Chief Financial Officer.

























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.



Date: February 23, 2018 By: /s/ Paul J. Lytle
  Paul J. Lytle
  Chief Financial Officer