Liquidia CEO Roger Jeffs sells 32,744 common shares
The CEO's sale was tied to taxes on settled equity awards and made under a Rule 10b5-1 plan adopted December 15, 2023.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
4
Rhea-AI Filing Summary
Liquidia Corp (LQDA) CEO Roger Jeffs sold 32,744 common shares at $28.48 per share on October 12, 2026, to cover taxes associated with settlement of RSUs and PSUs initially granted on January 11, 2023, January 11, 2024, and January 11, 2025. On October 9, 2026, he converted 13,833 and 14,333 performance stock units into common stock on a one-for-one basis. The sale was made under a Rule 10b5-1 plan adopted December 15, 2023.
Insights
Analyzing...
Insider Trade Summary 10b5-1
Exercise and sale activity reported; no spread calculated
Exercise and Sale
7 txns
Insider
JEFFS ROGER
Role
Chief Executive Officer
Sold
32,744 shs ($933K)
Approx. gross sale proceeds
$933K
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock F5, F6, F3 | 32,744 | $28.48 | $933K |
| Exercise | Performance Stock Units F1 | 13,833 | $0.00 | $0.00 |
| Exercise | Performance Stock Units F1 | 14,333 | $0.00 | $0.00 |
| Exercise | Common Stock F2, F1, F3 | 13,833 | -- | -- |
| Exercise | Common Stock F4, F1, F3 | 14,333 | -- | -- |
| holding | Common Stock F7 | -- | -- | -- |
| holding | Common Stock F8 | -- | -- | -- |
Holdings After Transaction:
Performance Stock Units — 198,164 contracts (Direct);
Common Stock — 1,125,848 shares (Direct);
Common Stock — 1,088,262 shares (Indirect, See footnote)
Footnotes (8)
- 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 221,338 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 152,170 have vested as of the date of this Form 4.
- F3. Includes (i) 18,094 unvested restricted stock units ("RSUs") of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 69,168 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 128,996 unvested RSUs of the 229,327 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 115,344 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4.
- F4. On January 11, 2025, the Reporting Person was granted 229,327 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 100,331 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 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 securities are held by Roger A. Jeffs Living Trust UAD 2/29/2000 (the "Trust"). The Reporting Person is the trustee of the Trust.
- F8. The securities are held by Serendipity BioPharma LLC ("Serendipity"). The Reporting Person is a manager of Serendipity and has sole voting and dispositive power over the Issuer common stock held by Serendipity.
Key Figures
Common shares sold: 32,744 shares
Sale price: $28.48 per share
Performance stock units converted: 13,833 units
+1 more
4 metrics
Common shares sold
32,744 shares
October 12, 2026
Sale price
$28.48 per share
October 12, 2026
Performance stock units converted
13,833 units
October 9, 2026
Performance stock units converted
14,333 units
October 9, 2026
Key Terms
Rule 10b5-1 plan, Performance stock units, restricted stock units, ratably
4 terms
Rule 10b5-1 plan regulatory
"Transaction effected pursuant to a Rule 10b5-1 plan"
A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.
Performance stock units financial
"Performance stock units ("PSUs") convert into 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.
restricted stock units financial
"unvested restricted stock units ("RSUs")"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
ratably financial
"remaining PSUs vesting ratably on a quarterly basis"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many LQDA performance stock units did Roger Jeffs convert?
On October 9, 2026, Roger Jeffs converted 13,833 and 14,333 performance stock units into common stock. Performance stock units convert into common stock on a one-for-one basis.
AI-generated analysis. How Rhea-AI works. Not financial advice.
