Roger Jeffs - Apr 14, 2025 Form 4 Insider Report for Liquidia Corp (LQDA)

Role: Chief Executive Officer, Director
Signature: /s/ Roger Jeffs
Stock symbol: LQDA
Transactions as of: Apr 14, 2025
Transactions value $: -$191,744
Form type: 4
Date filed: 4/16/2025, 05:05 PM
Previous filing: Feb 25, 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LQDA	Common Stock	Sale	-$192K	-14.1K	-1.38%	$13.57	1.01M	Apr 14, 2025	Direct	F1, F2, F3
holding	LQDA	Common Stock						46.6K	Apr 14, 2025	See footnote	F4
holding	LQDA	Common Stock						1.54M	Apr 14, 2025	See footnote	F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id	Content
F1	Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
F2	These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs").
F3	Includes (i) 126,656 unvested RSUs of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 152,169 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 229,327 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested as of the date of this Form 4 and (iv) 9,856 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
F4	The securities are held by Roger A. Jeffs Living Trust UAD 2/29/2000 (the "Trust"). The Reporting Person is the trustee of the Trust.
F5	The securities are held by Serendipity BioPharma LLC ("Serendipity"). The Reporting Person is a manager of Serendipity and has sole voting and dispositive power over the Issuer common stock held by Serendipity.