Liquidia Corp — Director's Dealing 2025

Jan 14, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Liquidia Corp (LQDA)
CIK: 0001819576
Period of Report: 2025-01-11

Reporting Person: Schundler Russell (General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-01-11	Common Stock	A	102543	—	Acquired	589871	Direct
2025-01-14	Common Stock	S	16393	$11.78	Disposed	573478	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-01-11	Performance Stock Units	$	A	102543	Acquired		Common Stock (102543)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	14500	Indirect

Footnotes

F1: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F2: 25% of the RSUs shall vest on January 11, 2026 and the remaining RSUs shall vest ratably on a quarterly basis over three years thereafter.

F3: Includes (i) 52,083 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 82,601 unvested RSUs of the 110,135 RSUs granted to the Reporting Person on January 11, 2024 and (iii) 9,656 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 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.

F7: Each performance stock unit ("PSU") converts into one share of the Issuer's common stock.

F8: On January 11, 2025, the Reporting Person was granted 102,543 PSUs. The PSUs shall vest upon the later of (A) the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter, and (B) the first commercial sale of YUTREPIA by the Issuer.