Avid Bioservices Inc (CDMO)

[cjgaddy]

Appears to me that the 2009 Stock Incentive Plan’s (Proxy Prop. #3) 15,000,000 pre-RS shares would become 3,000,000 shares after the 1:5 RS, as one would logically think they should/would. This from the 8-28-09 Proxy…

Proxy 8-28-09 - Proposal No. 3:
2009 Stock Incentive Plan
Introduction (pg.11)
On July 9, 2009, the Compensation Committee recommended and our Board of Directors approved, subject to stockholder approval, the 2009 Stock Incentive Plan (the “Incentive Plan”). The Board of Directors approved the Incentive Plan to help us:
• Attract, retain, motivate and reward officers, employees, directors, consultants and other service providers of the Company;
• Provide equitable and competitive compensation opportunities;
• Recognize individual contributions and reward achievement of our goals; and
• Promote creation of long-term value for stockholders by closely aligning the interests of participants with the interests of stockholders…
SHARES SUBJECT TO THE INCENTIVE PLAN
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).

PEREGRINE PHARMACEUTICALS, INC.
2009 STOCK INCENTIVE PLAN
V. STOCK SUBJECT TO THE PLAN (pg A-3)
C. If any change is made to the Common Stock by reason of any stock split, stock dividend, recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without the Corporation’s receipt of consideration, appropriate adjustments shall be made to:
(i) the maximum number and/or class of securities issuable under the Plan;
(ii) the number and/or class of securities for which any one person may be granted stock options, separately exercisable stock appreciation rights and direct stock issuances under the Plan per calendar year; and
(iii) the number and/or class of securities and the exercise price per share in effect under each outstanding option under the Plan.
http://www.sec.gov/Archives/edgar/data/704562/000101968709003169/peregrine_def14a.htm