Liquidia's Jason Adair sells 7,301 common shares

Q: How many LQDA shares did Jason Adair sell, and at what price?

Jason Adair sold 7,301 Liquidia Corp common shares at $28.48 per share on October 12, 2026, to cover taxes associated with RSU and PSU settlements. The sale was made under a Rule 10b5-1 plan adopted December 15, 2023.

Q: How many LQDA RSUs and PSUs converted to common stock?

On October 9, 2026, 3,906 restricted stock units converted into 3,906 common shares, while performance stock units converted into 2,474 and 3,868 common shares. Both award types convert into common stock on a one-for-one basis.

The sale covered taxes on award settlements for RSUs and PSUs granted on January 11, 2023, January 11, 2024 and January 11, 2025.

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Filing Sentiment

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Rhea-AI Filing Summary

Liquidia Corp (LQDA) Chief Business Officer Jason Adair converted 3,906 restricted stock units into 3,906 common shares on October 9, 2026, and converted performance stock units into 2,474 and 3,868 common shares that day. On October 12, 2026, he sold 7,301 common shares at $28.48 per share to cover taxes associated with RSU and PSU settlements. The sale was made under a Rule 10b5-1 plan adopted December 15, 2023.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 7 txns

Insider Adair Jason

Role Chief Business Officer

Sold 7,301 shs ($208K)

Approx. gross sale proceeds $208K

Type	Security	Shares	Price	Value
Sale	Common Stock ^{F7, F8, F3}	7,301	$28.48	$208K
Exercise	Restricted Stock Units ^F1	3,906	$0.00	$0.00
Exercise	Performance Stock Units ^F4	2,474	$0.00	$0.00
Exercise	Performance Stock Units ^F4	3,868	$0.00	$0.00
Exercise	Common Stock ^{F2, F1, F3}	3,906	--	--
Exercise	Common Stock ^{F5, F4, F3}	2,474	--	--
Exercise	Common Stock ^{F6, F4, F3}	3,868	--	--

Holdings After Transaction: Restricted Stock Units — 3,906 contracts (Direct); Performance Stock Units — 47,187 contracts (Direct); Common Stock — 177,957 shares (Direct)

Footnotes (8)

F1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.
F2. 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 58,594 have vested as of the date of this Form 4.
F3. Includes (i) 6,250 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 12,371 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 34,816 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025, (iv) 27,683 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 12,427 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
F4. Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
F5. On January 11, 2024, the Reporting Person was granted 39,588 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 27,217 have vested as of the date of this Form 4.
F6. On January 11, 2025, the Reporting Person was granted 61,895 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 27,079 have vested as of the date of this Form 4.
F7. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
F8. 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.

Key Figures

Common shares sold: 7,301 shares Sale price: $28.48 per share Restricted stock units converted: 3,906 units +2 more

5 metrics

Common shares sold 7,301 shares October 12, 2026; sold to cover taxes associated with RSU and PSU settlements

Sale price $28.48 per share October 12, 2026

Restricted stock units converted 3,906 units Converted into common shares on October 9, 2026

Performance stock units converted 2,474 units Converted into common shares on October 9, 2026

Performance stock units converted 3,868 units Converted into common shares on October 9, 2026

Key Terms

Rule 10b5-1 plan, Restricted stock units, Performance stock units

3 terms

Rule 10b5-1 plan financial

"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.

Restricted stock units financial

"Restricted stock units ("RSUs") convert into common stock"

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.

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.

FAQ

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

How many LQDA shares did Jason Adair sell, and at what price?

Jason Adair sold 7,301 Liquidia Corp common shares at $28.48 per share on October 12, 2026, to cover taxes associated with RSU and PSU settlements. The sale was made under a Rule 10b5-1 plan adopted December 15, 2023.

How many LQDA RSUs and PSUs converted to common stock?

On October 9, 2026, 3,906 restricted stock units converted into 3,906 common shares, while performance stock units converted into 2,474 and 3,868 common shares. Both award types convert into common stock on a one-for-one basis.

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

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Available on EDGAR 10/13/2026 - 07:59 PM EDT Accepted by SEC EDGAR 10/13/2026 - 07:58 PM EDT

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^*

Adair Jason

(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 Business Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/09/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	10/09/2026		M		3,906⁽²⁾	A	⁽¹⁾	178,916⁽³⁾	D
Common Stock	10/09/2026		M		2,474⁽⁵⁾	A	⁽⁴⁾	181,390⁽³⁾	D
Common Stock	10/09/2026		M		3,868⁽⁶⁾	A	⁽⁴⁾	185,258⁽³⁾	D
Common Stock	10/12/2026		S⁽⁷⁾		7,301⁽⁸⁾	D	$28.48	177,957⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾	10/09/2026		M			3,906	⁽¹⁾	⁽¹⁾	Common Stock	3,906	$0	3,906	D
Performance Stock Units	⁽⁴⁾	10/09/2026		M			2,474	⁽⁴⁾	⁽⁴⁾	Common Stock	2,474	$0	12,371	D
Performance Stock Units	⁽⁴⁾	10/09/2026		M			3,868	⁽⁴⁾	⁽⁴⁾	Common Stock	3,868	$0	34,816	D

Explanation of Responses:

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

2. 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 58,594 have vested as of the date of this Form 4.

3. Includes (i) 6,250 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 12,371 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 34,816 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025, (iv) 27,683 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 12,427 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

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

5. On January 11, 2024, the Reporting Person was granted 39,588 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 27,217 have vested as of the date of this Form 4.

6. On January 11, 2025, the Reporting Person was granted 61,895 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 27,079 have vested as of the date of this Form 4.

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

8. 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.

	/s/ Jason Adair	10/13/2026
	** 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)

Source: View Original Filing on SEC EDGAR