Russell Schundler - 09 Jan 2026 Form 4 Insider Report for Liquidia Corp (LQDA)

Role
General Counsel
Signature
/s/ Russell Schundler
Issuer symbol
LQDA
Transactions as of
09 Jan 2026
Net transactions value
-$1,021,427
Form type
4
Filing time
13 Jan 2026, 16:33:40 UTC
Previous filing
02 Dec 2025
Next filing
21 Jan 2026
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Schundler Russell General Counsel 419 DAVIS DRIVE, SUITE 100, MORRISVILLE /s/ Russell Schundler 13 Jan 2026 0001854414

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LQDA Common Stock Options Exercise +3,759 +0.65% 581,047 09 Jan 2026 Direct F1, F2, F3
transaction LQDA Common Stock Options Exercise +25,636 +4.4% 606,683 09 Jan 2026 Direct F1, F3, F4
transaction LQDA Common Stock Sale $1,021,427 -27,289 -4.5% $37.43 579,394 12 Jan 2026 Direct F3, F5, F6
holding LQDA Common Stock 14,500 09 Jan 2026 By Spouse F7

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 Options Exercise $0 -3,759 -11% $0.000000 30,067 09 Jan 2026 Common Stock 3,759 Direct F1
transaction LQDA Performance Stock Units Options Exercise $0 -25,636 -25% $0.000000 76,907 09 Jan 2026 Common Stock 25,636 Direct F1
* 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 Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
F2 On January 11, 2024, the Reporting Person was granted 60,135 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 30,068 have vested as of the date of this Form 4.
F3 Includes (i) 26,042 unvested restricted stock units ("RSUs") of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 55,067 unvested RSUs of the 110,135 RSUs granted to the Reporting Person on January 11, 2024, (iii) 76,907 unvested RSUS of the 102,543 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 11,869 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
F4 On January 11, 2025, the Reporting Person was granted 102,543 PSUs which vest upon 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. Of those PSUs, a total of 25,636 have vested as of the date of this Form 4.
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 and PSUs that were initially granted to the Reporting Person on January 11, 2023, January 11, 2024 and January 11, 2025.
F7 The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.