Liquidia Corp — Director's Dealing 2025

Jul 15, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Liquidia Corp (LQDA)
CIK: 0001819576
Period of Report: 2025-07-11

Reporting Person: JEFFS ROGER (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-11	Common Stock	M	13833	—	Acquired	1058812	Direct
2025-07-14	Common Stock	S	20252	$14.28	Disposed	1038560	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-11	Performance Stock Units	$	M	13833	Disposed		Common Stock (13833)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	46595	Indirect
Common Stock	1541667	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 221,338 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 83,002 have vested as of the date of this Form 4.

F3: Includes (i) 108,562 unvested restricted stock units ("RSUs") of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 138,336 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 229,327 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) 9,856 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 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 securities are held by Roger A. Jeffs Living Trust UAD 2/29/2000 (the "Trust"). The Reporting Person is the trustee of the Trust.

F7: The securities are held by Serendipity BioPharma LLC ("Serendipity"). The Reporting Person is a manager of Serendipity and has sole voting and dispositive power over the Issuer common stock held by Serendipity.