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: Adair Jason (Chief Business Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-01-11	Common Stock	A	61895	—	Acquired	181118	Direct
2025-01-11	Common Stock	M	3906	—	Acquired	185024	Direct
2025-01-14	Common Stock	S	4809	$11.78	Disposed	180215	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-01-11	Performance Stock Units	$	A	61895	Acquired		Common Stock (61895)	Direct

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) 17,187 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 29,691 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024 and (iii) 9,373 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

F4: 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 31,250 have vested through January 11, 2025.

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 that were initially granted to the Reporting Person on January 11, 2023 and January 11, 2024.

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 61,895 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.