Avid Bioservices Inc (CDMO)

[peregr]

The theoretical I was thinking of regarding this clause is, if for example, Ronin proposes to the Board some type of business combination with Xencor or even a Juno. So that it remains a fair and arms length transaction, the Ronin nominees would recuse themselves from that discussion so there would not be any consideration of undue influence.

This minimizes or eliminates the concern that Ronin would be benefitting solely for their themselves but only to the extent that all shareholders benefit.