Jason Adair - 11 Jan 2025 Form 4 Insider Report for Liquidia Corp (LQDA)

Role
Chief Business Officer
Signature
/s/ Jason Adair
Issuer symbol
LQDA
Transactions as of
11 Jan 2025
Net transactions value
-$56,650
Form type
4
Filing time
14 Jan 2025, 16:36:32 UTC
Previous filing
03 Dec 2024
Next filing
29 Jan 2025
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LQDA Common Stock Award $0 +61,895 +52% $0.000000 181,118 11 Jan 2025 Direct F1, F2, F3
transaction LQDA Common Stock Options Exercise +3,906 +2.2% 185,024 11 Jan 2025 Direct F1, F3, F4
transaction LQDA Common Stock Sale $56,650 -4,809 -2.6% $11.78 180,215 14 Jan 2025 Direct F3, F5, F6

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction LQDA Performance Stock Units Award $0 +61,895 $0.000000 61,895 11 Jan 2025 Common Stock 61,895 Direct F7, F8
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
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.