FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

OMB APPROVAL

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB Number: 3235-0287
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Filed By
Romeo and Dye's
Section 16 Filer
www.section16.net

1. Name and Address of Reporting Person*
Milbury Paul J.

2. Issuer Name and Ticker or Trading Symbol
Avid Technology, Inc. (AVID)

6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
    Director                                       10% Owner
X Officer (give title below)          Other (specify below)
Vice President, Chief Financial Officer & Treasurer

(Last)      (First)     (Middle)
9 Doane Street

3. I.R.S. Identification Number
of Reporting Person, 
if an entity (voluntary)

4. Statement for
Month/Day/Year 
02/05/03

(Street)
Cambridge, MA 02138

5. If Amendment,
Date of Original
(Month/Day/Year)

7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
    Form filed by More than One Reporting Person

(City)     (State)     (Zip) | Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
(Instr. 3)

2. Trans-
action 
Date
(Month/ Day/
Year)

2A. Deemed 
Execution
Date,
if any 
(Month/Day/
Year)

3. Trans-
action Code
(Instr. 8)

4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 & 5)

5. Amount of 
Securities 
Beneficially 
Owned Follow-
ing Reported Transactions(s) 
(Instr. 3 & 4)

6. Owner-
ship Form:
Direct (D)
or Indirect (I)
(Instr. 4)

7. Nature of Indirect 
Beneficial Ownership
(Instr. 4)

Code

V

Amount

(A)
or
(D)

Price

Common Stock | 02/05/03 | | M | | 4,000 | A | 9.96 | | D |
Common Stock | 02/05/03 | | S | | 100 | D | 22.19 | | D |
Common Stock | 02/05/03 | | S | | 100 | D | 22.16 | | D |
Common Stock | 02/05/03 | | S | | 3,800 | D | 22.15 | 0 | D |

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. 
* If the form is filed by more than one reporting person, see Instruction 4(b)(v). 

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number

FORM 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security

(Instr. 3)

2. Conver-
sion or 
Exercise 
Price of Derivative Security

3. Trans-
action Date

(Month/
Day/
Year)

3A. Deemed 
Execution
Date,
if any 
(Month/
Day/
Year)

4. Trans-
action
Code

(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)

(Instr. 3, 4 & 5)

6. Date Exercisable
and Expiration
Date
(Month/Day/
Year)

7. Title and Amount of Underlying Securities
(Instr. 3 & 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of
Derivative
Securities
Beneficially
Owned
Following 
Reported Transaction(s) 
(Instr. 4)

10. Owner-
ship Form
of Deriv-
ative
Security:
Direct (D)
or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

V

(A)

(D)

Date Exer-cisable

Expira-
tion
Date

Title

Amount or Number of
Shares

Non-Qualified Stock Option (right to buy) | 9.96 | 02/05/03 | | M | | | 4,000 | 02/28/02^(1) | 08/31/11 | Common Stock | 4,000 | | 37,664 | D |

Explanation of Responses:
(1) Twenty-five percent of the option becomes exercisable on the date listed in the "Date Exercisable" column: the remaining seventy-five percent becomes exercisable in 42 monthly installments thereafter.

By: /s/ Paul J. Milbury
              
**Signature of Reporting Person

02/05/03
Date

**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. 
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). 
Note: File three copies of this Form, one of which must be manually signed. 
          If space is insufficient, See Instruction 6 for procedure. 
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.