Avid Bioservices Inc (CDMO)

[jessme]

CJ. WH

I agree, WH. The way I read it is they have the option to CANCEL existing options, and REPLACE them with new ones issued from the NEW 15mm share Incentive Plan (2009 Proxy #3),



August 27, 2008 filing

The total number of shares of Common Stock available under the Incentive Plan shall be 15,000,000,

, October 22, 2009 filing
The total number of shares of common stock available under the Incentive Plan shall be 15,000,000, subject to adjustment as provided in the Incentive Plan (e.g., in the event of a reverse stock split).

Notice that the number of shares available under the plan remains the same even though options have expired between filings. If these shares are retired and can no longer be used how can they still be available?