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Liquidia Corp — Director's Dealing 2025
Oct 15, 2025
31694_dirs_2025-10-15_a47ea2b1-d7a4-4ac6-ac03-447230fe00e7.zip
Director's Dealing
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SEC Form 4 — Statement of Changes in Beneficial Ownership
Issuer: Liquidia Corp (LQDA)
CIK: 0001819576
Period of Report: 2025-10-10
Reporting Person: Schundler Russell (General Counsel)
Non-Derivative Transactions
| Date | Security | Code | Shares | Price | A/D | Holdings After | Ownership |
|---|---|---|---|---|---|---|---|
| 2025-10-10 | Common Stock | M | 3758 | — | Acquired | 583856 | Direct |
| 2025-10-13 | Common Stock | S | 7839 | $23.41 | Disposed | 576017 | Direct |
Derivative Transactions
| Date | Security | Exercise Price | Code | Shares | A/D | Expiration | Underlying | Ownership |
|---|---|---|---|---|---|---|---|---|
| 2025-10-10 | Performance Stock Units | $ | M | 3758 | Disposed | Common Stock (3758) | Direct |
Holdings (Non-Derivative)
| Security | Shares | Ownership |
|---|---|---|
| Common Stock | 14500 | Indirect |
Footnotes
F1: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
F2: On January 11, 2024, the Reporting Person was granted 60,135 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 26,309 have vested as of the date of this Form 4.
F3: Includes (i) 32,552 unvested restricted stock units ("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 and PSUs that were initially granted to the Reporting Person on January 11, 2023 and January 11, 2024.
F6: The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.