Liquidia counsel sells 13,692 shares under plan
Liquidia Corp General Counsel Russell Schundler reported both equity awards vesting and a small share sale.
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Form Type
4
Rhea-AI Filing Summary
Liquidia Corp General Counsel Russell Schundler reported both equity awards vesting and a small share sale. He exercised performance stock units into a total of 10,167 shares of common stock at an exercise price of $0.00 per share.
On April 13, 2026, he sold 13,692 shares of common stock in an open-market transaction at $38.37 per share under a pre-arranged Rule 10b5-1 trading plan. According to the footnotes, these shares were sold to cover taxes tied to earlier RSU and PSU settlements. After these transactions, he directly holds 610,532 shares of Liquidia common stock and indirectly holds 14,500 shares through his spouse.
Insider Trade Summary 10b5-1
Exercise and sale activity reported; no spread calculated
Exercise and Sale
6 txns
Insider
Schundler Russell
Role
General Counsel
Sold
13,692 shs ($525K)
Approx. gross sale proceeds
$525K
Approx. exercise cost
$0.00
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 13,692 | $38.37 | $525K |
| Exercise | Performance Stock Units | 3,758 | $0.00 | $0.00 |
| Exercise | Performance Stock Units | 6,409 | $0.00 | $0.00 |
| Exercise | Common Stock | 3,758 | $0.00 | $0.00 |
| Exercise | Common Stock | 6,409 | $0.00 | $0.00 |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Performance Stock Units — 96,807 contracts (Direct);
Common Stock — 610,532 shares (Direct);
Common Stock — 14,500 shares (Indirect, By Spouse)
Footnotes (7)
- 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 60,135 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 33,826 have vested as of the date of this Form 4.
- F3. Includes (i) 19,531 unvested restricted stock units ("RSUs") of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 48,184 unvested RSUs of the 110,135 RSUs granted to the Reporting Person on January 11, 2024, (iii) 70,498 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.
- F4. On January 11, 2025, the Reporting Person was granted 102,543 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 32,045 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 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.
- F7. The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.
Key Figures
Shares sold: 13,692 shares
Sale price: $38.37 per share
Shares from PSU exercises: 10,167 shares
+4 more
7 metrics
Shares sold
13,692 shares
Open-market sale at $38.37 on April 13, 2026
Sale price
$38.37 per share
Average price for 13,692 shares sold
Shares from PSU exercises
10,167 shares
Performance stock units converted to common stock at $0.00
Direct holdings after transactions
610,532 shares
Common stock held directly by reporting person
Indirect spouse holdings
14,500 shares
Common stock held by spouse; beneficial ownership disclaimed except pecuniary interest
2024 PSU grant size
60,135 PSUs
Granted January 11, 2024; 33,826 vested as of Form 4 date
2025 PSU grant size
102,543 PSUs
Granted January 11, 2025; 32,045 vested as of Form 4 date
Key Terms
Performance stock units, restricted stock units, Rule 10b5-1 plan, Employee Stock Purchase Plan, +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) 19,531 unvested restricted stock units ("RSUs") of the 104,167 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 on December 15, 2023."
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.
Employee Stock Purchase Plan financial
"12,306 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan."
An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.
beneficial ownership financial
"The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein."
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did Liquidia Corp (LQDA) report for Russell Schundler?
Liquidia’s General Counsel Russell Schundler exercised performance stock units into 10,167 common shares and sold 13,692 shares. The sale was an open-market transaction under a Rule 10b5-1 plan and was used to cover taxes from earlier RSU and PSU settlements.
What equity awards are outstanding for the Liquidia Corp (LQDA) General Counsel?
Footnotes show unvested restricted stock units and performance stock units granted in 2023, 2024, 2025, and 2026. These awards vest over multi-year schedules, with portions already vested and converted, and the remainder vesting quarterly following initial one-year cliff vesting dates.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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