Item 5.02

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

(e) Compensatory Arrangements of Certain Officers

2018 Omnibus Incentive Plan

On October 16, 2024, at the 2024 Annual Meeting of Stockholders (the "Annual Meeting") of Avid Bioservices, Inc. (the "Company"), the stockholders of the Company approved a second amendment (the "Second Amendment") to the Company's 2018 Omnibus Incentive Plan to increase the number of shares available for grant thereunder by 3,800,000 (as so amended, the "Amended 2018 Plan").

The Second Amendment previously had been approved by the Compensation Committee of the Company's Board of Directors on August 21, 2024, subject to stockholder approval. The Second Amendment became effective immediately upon stockholder approval at the Annual Meeting.

The summary of the Second Amendment is qualified in its entirety by reference to the full text of the Second Amendment, a copy of which is attached as Exhibit A to the Company's Definitive Proxy Statement for its 2024 Annual Stockholders Meeting filed with the Securities and Exchange Commission on August 28, 2024 (the "2024 Definitive Proxy Statement") and incorporated herein by this reference. In addition, a more detailed summary of the Amended 2018 Plan can be found in such 2024 Definitive Proxy Statement, which is incorporated herein by this reference.

2010 Employee Stock Purchase Plan

Also on October 16, 2024, at the Annual Meeting, the stockholders of the Company approved an amendment (the "Amendment") to the Company's 2010 Employee Stock Purchase Plan, as amended, to remove its automatic termination provision (as so amended, the "Amended ESPP").

The Amendment previously had been approved by the Compensation Committee of the Company's Board of Directors on May 30, 2024, subject to stockholder approval. The Amendment became effective immediately upon stockholder approval at the Annual Meeting.

This summary of the Amendment is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit B to the Company's 2024 Definitive Proxy Statement and incorporated herein by this reference. In addition, a more detailed summary of the Amended ESPP can be found in such 2024 Definitive Proxy Statement, which is incorporated herein by this reference.

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