Liquidia GC sells shares, exercises RSUs

Liquidia Corp’s General Counsel Russell Schundler reported several equity transactions.

Rhea-AI Filing Summary

Liquidia Corp’s General Counsel Russell Schundler reported several equity transactions. He sold 1,073 shares of common stock in an open‑market trade at $30.58 per share, executed under a Rule 10b5‑1 trading plan and described as covering taxes from previously granted restricted stock units (RSUs). He also exercised 2,344 RSUs, which converted into an equal number of common shares at no cost, increasing his directly held common stock to 614,057 shares. Separately, 14,500 common shares are reported as held indirectly by his spouse, with beneficial ownership disclaimed except to the extent of his pecuniary interest. Footnotes detail multiple prior RSU grants and unvested awards that are included in his overall equity position.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Schundler Russell

Role General Counsel

Sold 1,073 shs ($33K)

Approx. gross sale proceeds $33K

Approx. exercise cost $0.00

Type	Security	Shares	Price	Value
Sale	Common Stock	1,073	$30.58	$33K
Exercise	Restricted Stock Units	2,344	$0.00	$0.00
Exercise	Common Stock	2,344	$0.00	$0.00
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units — 0 contracts (Direct); Common Stock — 614,057 shares (Direct); Common Stock — 14,500 shares (Indirect, By Spouse)

Footnotes (6)

1. F1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.
2. F2. On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% of the RSUs vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 37,500 have vested as of the date of this Form 4.
3. F3. Includes (i) 26,042 unvested 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, (iv) 32,955 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) 12,306 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
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 that were initially granted to the Reporting Person on January 16, 2022.
6. F6. The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.

FAQ

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

What insider transactions did Liquidia (LQDA) General Counsel Russell Schundler report?

Russell Schundler reported selling 1,073 shares of Liquidia common stock at $30.58 per share and exercising 2,344 restricted stock units into common stock at no cost. He now directly holds 614,057 common shares, plus additional equity through unvested RSUs and employee stock purchase plan shares.

At what price did Liquidia (LQDA) insider Russell Schundler sell shares?

He sold 1,073 shares of Liquidia common stock in an open‑market transaction at $30.58 per share. The filing notes this sale was executed under a Rule 10b5‑1 trading plan and was used to cover taxes associated with the settlement of previously granted restricted stock units.

How many Liquidia (LQDA) shares does Russell Schundler own after these Form 4 transactions?

After these transactions, Russell Schundler directly owns 614,057 shares of Liquidia common stock. The filing also reports 14,500 shares held indirectly by his spouse, for which he disclaims beneficial ownership except for any pecuniary interest, along with substantial unvested RSU awards and employee stock purchase plan shares.

Were Russell Schundler’s Liquidia (LQDA) share sales pre‑planned under a Rule 10b5‑1 plan?

Yes. The sale of 1,073 Liquidia common shares was effected pursuant to a Rule 10b5‑1 trading plan adopted on December 15, 2023. The filing further explains these shares were sold to cover taxes from the settlement of RSUs initially granted on January 16, 2022.

What restricted stock unit activity did Liquidia (LQDA) report for Russell Schundler?

The filing shows 2,344 restricted stock units converted into an equal number of Liquidia common shares at a $0.00 exercise price. Footnotes describe a 37,500 RSU grant from January 16, 2022 that is now fully vested and multiple later RSU grants with significant unvested balances remaining.

How are Russell Schundler’s spouse’s Liquidia (LQDA) shares treated in the Form 4?

The Form 4 lists 14,500 Liquidia common shares held indirectly "By Spouse." A footnote states that Russell Schundler disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest, clarifying how those indirectly held shares are attributed in the report.

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

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Accepted by SEC EDGAR 03/03/2026 - 04:34 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^*

Schundler Russell

(Last) (First) (Middle)

419 DAVIS DRIVE, SUITE 100

(Street)

MORRISVILLE NC 27560

(City) (State) (Zip)

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)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

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

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

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

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	02/27/2026		M		2,344(2)	A	(1)	615,130(3)	D
Common Stock	03/02/2026		S(4)		1,073(5)	D	$30.58	614,057(3)	D
Common Stock								14,500(6)	I	By Spouse

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
Restricted Stock Units	(1)	02/27/2026		M			2,344	(1)	(1)	Common Stock	2,344	$0	0	D

Explanation of Responses:

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

2. On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% of the RSUs vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 37,500 have vested as of the date of this Form 4.

3. Includes (i) 26,042 unvested 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, (iv) 32,955 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) 12,306 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

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 that were initially granted to the Reporting Person on January 16, 2022.

6. The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.

	/s/ Russell Schundler	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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