Liquidia CHRO sells shares to cover tax bill

Liquidia Corp Chief Human Resource Officer Sarah Krepp exercised 3,179 performance stock units on July 10, 2026, converting them into an equal number of common shares.

Rhea-AI Filing Summary

Liquidia Corp Chief Human Resource Officer Sarah Krepp exercised 3,179 performance stock units on July 10, 2026, converting them into an equal number of common shares. On July 13, she executed open-market sales totaling 7,864 common shares at about $71.40–$71.50 per share, leaving 117,178 shares owned directly.

The sales were carried out under a Rule 10b5-1 plan adopted in December 2023 and were used to cover taxes tied to the settlement of earlier RSU and PSU grants. Krepp also retains multiple unvested RSU and PSU awards scheduled to vest over several years.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Krepp Sarah

Role Chief Human Resource Officer

Sold 7,864 shs ($562K)

Approx. gross sale proceeds $562K

Type	Security	Shares	Price	Value
Sale	Common Stock F4, F5, F3	558	$71.39	$40K
Sale	Common Stock F4, F5, F3	7,306	$71.52	$523K
Exercise	Performance Stock Units F1	3,179	$0.00	$0.00
Exercise	Common Stock F2, F1, F3	3,179	--	--

Holdings After Transaction: Performance Stock Units — 31,787 contracts (Direct); Common Stock — 117,178 shares (Direct)

Footnotes (5)

1. F1. Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
2. F2. On January 11, 2025, the Reporting Person was granted 50,861 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 19,074 have vested as of the date of this Form 4.
3. F3. Includes (i) 21,799 unvested restricted stock units ("RSUs") of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 6,229 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 31,787 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 18,750 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 1, 2025 and (v) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4.
4. F4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
5. F5. 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, 2024, July 1, 2024, January 11, 2025 and July 1, 2025.

Key Figures

Shares sold: 7,864 shares Sale price per share: $71.52 Sale price per share: $71.39 +5 more

8 metrics

Shares sold 7,864 shares Total common shares sold on July 13, 2026 in two open-market transactions

Sale price per share $71.52 Price for 7,306-share common stock sale on July 13, 2026

Sale price per share $71.39 Price for 558-share common stock sale on July 13, 2026

Shares held after sales 117,178 shares Direct common stock ownership after July 13, 2026 transactions

PSUs converted to common 3,179 PSUs Performance stock units exercised into common stock on July 10, 2026

PSUs granted January 11, 2025 50,861 PSUs Performance stock units grant with time-based vesting schedule

PSUs vested to date 19,074 PSUs Portion of the January 11, 2025 PSU grant vested as of this Form 4

Unvested RSUs from January 11, 2024 grant 21,799 RSUs Unvested portion of 61,465 RSUs granted on January 11, 2024

Key Terms

Performance stock units, restricted stock units, Rule 10b5-1 plan, vesting schedule, +1 more

5 terms

Performance stock units financial

"Performance stock units ("PSUs") convert into common stock on a one-for-one basis"

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

"Includes (i) 21,799 unvested restricted stock units ("RSUs") of the 61,465 RSUs granted"

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.

Rule 10b5-1 plan financial

"Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person"

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.

vesting schedule financial

"PSUs which vest upon the following time-based vesting schedule: 25% on January 11, 2026"

A vesting schedule is a timeline that determines when someone gains full ownership of certain benefits, such as company stock or retirement contributions. Think of it like earning the right to own a gift gradually over time, rather than receiving it all at once. It matters to investors because it affects when they can fully access or sell these benefits, influencing their financial planning and decision-making.

settlement of RSUs and PSUs financial

"shares of common stock were sold to cover taxes associated with the settlement of RSUs and PSUs"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider share transactions did Liquidia (LQDA) executive Sarah Krepp report?

Sarah Krepp reported exercising 3,179 performance stock units into common stock and then selling 7,864 common shares in two open-market transactions. The sales were primarily to cover taxes related to prior RSU and PSU settlements under a pre-established Rule 10b5-1 plan.

How many Liquidia (LQDA) shares did Sarah Krepp sell and at what prices?

Sarah Krepp sold 7,864 Liquidia common shares on July 13, 2026, in two trades: 7,306 shares at $71.52 per share and 558 shares at $71.39. Both transactions were reported as open-market sales under a Rule 10b5-1 trading plan.

Why were Sarah Krepp’s Liquidia (LQDA) share sales executed?

The filing states the shares were sold to cover taxes associated with settlement of RSUs and PSUs granted in 2024 and 2025. The trades were effected under a Rule 10b5-1 plan that Sarah Krepp adopted on December 15, 2023, indicating they were pre-arranged.

How many Liquidia (LQDA) shares does Sarah Krepp hold after these transactions?

After the reported transactions, Sarah Krepp directly holds 117,178 shares of Liquidia common stock. This figure reflects her ownership following the July 13, 2026 sales that totaled 7,864 shares, after previously acquiring 3,179 shares through PSU conversion.

What performance and restricted stock units does Sarah Krepp still have at Liquidia (LQDA)?

Krepp was granted 50,861 performance stock units on January 11, 2025, of which 19,074 have vested so far. She also holds multiple unvested RSU grants, including 21,799, 6,229, 31,787, 18,750 and 23,728 RSUs from grants between 2024 and 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/14/2026 - 08:11 PM Accepted by SEC EDGAR 07/14/2026 - 08:11 PM Learn about SEC filing dates

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).

X

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^*

Krepp Sarah

(Last) (First) (Middle)

419 DAVIS DRIVE, SUITE 100

(Street)

MORRISVILLE NORTH CAROLINA 27560

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Liquidia Corp [ LQDA ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2026

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
Common Stock	07/10/2026		M		3,179(2)	A	(1)	125,042(3)	D
Common Stock	07/13/2026		S(4)		558(5)	D	$71.39	124,484(3)	D
Common Stock	07/13/2026		S(4)		7,306(5)	D	$71.52	117,178(3)	D

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)	07/10/2026		M			3,179	(1)	(1)	Common Stock	3,179	$0	31,787	D

Explanation of Responses:

1. Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

2. On January 11, 2025, the Reporting Person was granted 50,861 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 19,074 have vested as of the date of this Form 4.

3. Includes (i) 21,799 unvested restricted stock units ("RSUs") of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 6,229 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 31,787 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 18,750 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 1, 2025 and (v) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4.

4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

5. 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, 2024, July 1, 2024, January 11, 2025 and July 1, 2025.

	/s/ Sarah Krepp	07/14/2026
	** 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)