Liquidia Corp — Director's Dealing 2025

Dec 2, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Liquidia Corp (LQDA)
CIK: 0001819576
Period of Report: 2025-11-28

Reporting Person: Schundler Russell (General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-28	Common Stock	M	2343	—	Acquired	578360	Direct
2025-12-01	Common Stock	S	1072	$32.19	Disposed	577288	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-11-28	Restricted Stock Units	$	M	2343	Disposed		Common Stock (2343)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	14500	Indirect

Footnotes

F1: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F2: On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 35,156 have vested as of the date of this Form 4.

F3: Includes (i) 32,552 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 61,951 unvested RSUs of the 110,135 RSUs granted to the Reporting Person on January 11, 2024, (iii) 102,543 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) 11,869 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

F4: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F5: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022.

F6: The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.