Liquidia Corp — Director's Dealing 2025

Oct 15, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Liquidia Corp (LQDA)
CIK: 0001819576
Period of Report: 2025-10-10

Reporting Person: Kaseta Michael (CFO and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-10-10	Common Stock	M	5828	—	Acquired	364276	Direct
2025-10-13	Common Stock	S	11630	$23.41	Disposed	352646	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-10-10	Performance Stock Unit	$	M	5828	Disposed		Common Stock (5828)	Direct

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 93,250 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 40,797 have vested as of the date of this Form 4.

F3: Includes (i) 38,958 unvested restricted stock units ("RSUs") of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 52,453 unvested RSUs and 28,125 unvested RSUs of the 93,250 RSUs and 50,000 RSUs granted to the Reporting Person on January 11, 2024 and January 15, 2024, respectively, (iii) 112,797 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) 11,257 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, January 11, 2024 and January 15, 2024.