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: Adair Jason (Chief Business Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-10-10	Common Stock	M	3906	—	Acquired	176886	Direct
2025-10-10	Common Stock	M	2474	—	Acquired	179360	Direct
2025-10-13	Common Stock	S	3670	$23.41	Disposed	175690	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-10-10	Restricted Stock Unit	$	M	3906	Disposed		Common Stock (3906)	Direct
2025-10-10	Performance Stock Unit	$	M	2474	Disposed		Common Stock (2474)	Direct

Footnotes

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.