Liquidia Corp — Director's Dealing 2026

Mar 3, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Liquidia Corp (LQDA)
CIK: 0001819576
Period of Report: 2026-02-27

Reporting Person: Adair Jason (Chief Business Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-27	Common Stock	M	1562	—	Acquired	213168	Direct
2026-03-02	Common Stock	S	689	$30.58	Disposed	212479	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-27	Restricted Stock Units	$	M	1562	Disposed		Common Stock (1562)	Direct

Footnotes

F1: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F2: On January 16, 2022, the Reporting Person was granted 25,000 RSUs with 25% of the RSUs vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 25,000 have vested as of the date of this Form 4.

F3: Includes (i) 9,375 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 19,794 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 46,421 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025, (iv) 27,683 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 12,023 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 June 13, 2022.

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 16, 2022.