Jason Adair - 10 Oct 2025 Form 4 Insider Report for Liquidia Corp (LQDA)

Role
Chief Business Officer
Signature
/s/ Jason Adair
Issuer symbol
LQDA
Transactions as of
10 Oct 2025
Transactions value $
-$85,915
Form type
4
Filing time
15 Oct 2025, 16:31:05 UTC
Previous filing
30 Jul 2025
Next filing
29 Oct 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Adair Jason Chief Business Officer 419 DAVIS DRIVE, SUITE 100, MORRISVILLE /s/ Jason Adair 15 Oct 2025 0001747055

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LQDA Common Stock Options Exercise +3.91K +2.26% 177K 10 Oct 2025 Direct F1, F2, F3
transaction LQDA Common Stock Options Exercise +2.47K +1.4% 179K 10 Oct 2025 Direct F1, F3, F4
transaction LQDA Common Stock Sale -$85.9K -3.67K -2.05% $23.41 176K 13 Oct 2025 Direct F3, F5, F6

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction LQDA Restricted Stock Unit Options Exercise $0 -3.91K -16.67% $0.00 19.5K 10 Oct 2025 Common Stock 3.91K Direct F1
transaction LQDA Performance Stock Unit Options Exercise $0 -2.47K -10% $0.00 22.3K 10 Oct 2025 Common Stock 2.47K Direct F1
* 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 Performance stock units ("PSUs") and restricted stock units ("RSUs") convert into common stock on a one-for-one basis.
F2 On January 11, 2023, the Reporting Person was granted 62,500 RSUs with 25% of the RSUs vesting on January 11, 2024 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 42,969 have vested as of the date of this Form 4.
F3 Includes (i) 12,500 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 22,268 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 61,895 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) 11,586 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
F4 On January 11, 2024, the Reporting Person was granted 39,588 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 17,320 have vested as of the date of this Form 4.
F5 Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
F6 These shares of common stock were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2023 and January 11, 2024.