Do you know the phrase “to bide (one’s) time“?

Look at the examples below. Can you guess the meaning?

E.g. 1:

A: Has Mike found a new job yet?

B: No, he isn’t even looking. He’s biding his time until the new factory opens near his house.

E.g. 2:

A: I heard Nelly said some bad things to you  in the meeting yesterday. What did you do?

B: I didn’t do anything.

A: No? Why not?

B: I’m biding my time.  The CEO is coming to our office next month. Maybe that will be a good chance to get revenge. Heheheh…

A: Ooh, nasty!

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Could you guess the meaning?

to bide (one’s) time = to wait patiently for a good chance.