Aquestive (AQST) CCO receives 67,500 performance stock units tied to share price

Rhea-AI Filing Summary

Korczynski Sherry reported acquisition or exercise transactions in this Form 4 filing.

Aquestive Therapeutics reported that Chief Commercial Officer Sherry Korczynski received a grant of 67,500 Performance Stock Units (PSUs). Each PSU represents a contingent right to receive one share of common stock, with no cash paid by the executive at grant.

The PSUs measure performance from March 7, 2025 through March 7, 2028 and, if earned, will vest 100% on March 7, 2028. Performance is tied to a defined “Performance Price,” based on 30‑day average Nasdaq closing prices over two measurement periods, aligning the award’s value with the company’s share performance.

Insights

Equity compensation analyst

Routine performance-based PSU grant to Aquestive’s chief commercial officer, with vesting tied to multi-year share price performance.

The filing shows 67,500 PSUs granted to Chief Commercial Officer Sherry Korczynski as stock-based compensation. This is a derivative award, not an open-market share purchase or sale, and therefore carries weaker direct trading signal than a buy or sell transaction.

The PSUs vest only if performance conditions are met between March 7, 2025 and March 7, 2028, with a single vesting date on March 7, 2028. The “Performance Price” is defined using 30-day average Nasdaq closing prices across two anniversary-based periods, linking eventual payout to sustained stock performance rather than a single-day spike.

This structure is typical of incentive plans designed to align executive rewards with longer-term shareholder outcomes. Because the award is contingent and no open-market trading occurred, the information is primarily about compensation design rather than an immediate signal of management’s trading views.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Korczynski Sherry

Role Chief Commercial Officer

Type	Security	Shares	Price	Value
Grant/Award	Performance Stock Units	67,500	$0.00	--

Holdings After Transaction: Performance Stock Units — 67,500 shares (Direct)

Footnotes (1)

1. This Form 4 was filed late due to an inadvertent administrative oversight. Each PSU represents a contingent right to receive one share of the Company's common stock. The PSUs measure performance from March 7, 2025 (Grant Date) through March 7, 2028 and, if earned, vest 100% on March 7, 2028. "Performance Price" means (i) the 30-day average Nasdaq closing price ending on the last day of the period from the Grant Date through the day before the second anniversary (First Pricing Period) and (ii) the highest 30-day average Nasdaq closing price during the period from the second through the third anniversary (Second Pricing Period).

Key Figures

PSUs granted: 67,500 units Underlying common shares: 67,500 shares Exercise/issue price: $0.00 per share +2 more

5 metrics

PSUs granted 67,500 units Performance Stock Units granted on March 7, 2025

Underlying common shares 67,500 shares Each PSU represents one share of common stock

Exercise/issue price $0.00 per share No cash exercise price for PSU conversion

Performance measurement period March 7, 2025 – March 7, 2028 Period over which PSU performance is measured

PSU expiration/vesting date March 7, 2028 All earned PSUs vest 100% on this date

Key Terms

Performance Stock Units, Performance Price, Grant Date, 30-day average Nasdaq closing price

4 terms

Performance Stock Units financial

"Each PSU represents a contingent right to receive one share of the Company's common stock."

Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.

Performance Price financial

""Performance Price" means (i) the 30-day average Nasdaq closing price ending on the last day of the period..."

Grant Date financial

"The PSUs measure performance from March 7, 2025 (Grant Date) through March 7, 2028..."

The grant date is the day a company formally gives an employee or contractor the right to receive stock-based compensation, such as stock options or restricted shares. It matters to investors because it fixes key terms—like the price, the start of the ownership clock, and when the award will affect the company’s financial statements and share count—so it can influence dilution, reported expenses, and potential future selling pressure.

30-day average Nasdaq closing price financial

"Performance Price means (i) the 30-day average Nasdaq closing price ending on the last day of the period..."

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a 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). See Instruction 10.

1. Name and Address of Reporting Person^*

Korczynski Sherry

(Last) (First) (Middle)

C/O AQUESTIVE THERAPEUTICS, INC.

30 TECHNOLOGY DRIVE

(Street)

WARREN NEW JERSEY 07059

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Aquestive Therapeutics, Inc. [ AQST ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Commercial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/07/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Stock Units(1)	(2)	03/07/2025		A		67,500		(2)	03/07/2028	Common Stock	67,500	$0	67,500	D

Explanation of Responses:

1. This Form 4 was filed late due to an inadvertent administrative oversight.

2. Each PSU represents a contingent right to receive one share of the Company's common stock. The PSUs measure performance from March 7, 2025 (Grant Date) through March 7, 2028 and, if earned, vest 100% on March 7, 2028. "Performance Price" means (i) the 30-day average Nasdaq closing price ending on the last day of the period from the Grant Date through the day before the second anniversary (First Pricing Period) and (ii) the highest 30-day average Nasdaq closing price during the period from the second through the third anniversary (Second Pricing Period).

Remarks:

	/s/ Lori Braender, as Attorney-In-Fact	04/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Aquestive Therapeutics (AQST) report in this Form 4 filing?

Aquestive Therapeutics reported a grant of 67,500 Performance Stock Units to Chief Commercial Officer Sherry Korczynski. These units are a stock-based compensation award that may convert into common shares if specified performance conditions are met over a multi-year period.

How many Performance Stock Units did the AQST chief commercial officer receive?

The chief commercial officer received 67,500 Performance Stock Units. Each unit represents a contingent right to one share of Aquestive common stock, subject to performance goals measured from March 7, 2025 through March 7, 2028 and a single vesting date at the end of that period.

When do the Aquestive Therapeutics PSUs granted on March 7, 2025 vest?

The Performance Stock Units granted on March 7, 2025 vest 100% on March 7, 2028 if earned. Vesting depends on meeting performance conditions measured over the three-year period between the grant date and March 7, 2028, rather than gradual annual vesting.

What performance conditions apply to the AQST Performance Stock Units?

The PSUs use a defined “Performance Price” tied to 30-day average Nasdaq closing prices. One average is measured from grant through just before the second anniversary, and another from the second to third anniversaries, linking the award’s value to sustained share price performance over time.

Does the Aquestive (AQST) Form 4 show any insider share sales or purchases?

The Form 4 shows an acquisition of 67,500 Performance Stock Units as a grant, not an open-market trade. No insider share sales or cash purchases are reported; the award represents contingent rights to future common shares based on performance conditions.

What does the expiration date on the Aquestive Performance Stock Units mean?

The PSUs carry an expiration date of March 7, 2028, matching the end of the performance and vesting period. By that date, performance will have been measured, and any earned units convert into common stock, while unearned units lapse without value to the executive.