Liquidia Corp (LQDA) CMO sells 9,220 shares under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Liquidia Corp Chief Medical Officer Rajeev Saggar reported multiple equity transactions. He exercised 8,017 performance stock units that converted into the same number of shares of common stock at an exercise price of $0.00 per share. On a later date, he sold 9,220 shares of common stock in an open-market transaction at $38.37 per share, pursuant to a pre-arranged Rule 10b5-1 plan. According to the footnotes, these shares were sold to cover taxes associated with the settlement of previously granted RSUs and PSUs. After these transactions, he directly owned 173,270 shares of common stock, alongside various unvested RSUs and PSUs granted in prior years.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 9,220 shares ($353,771)
Net Sell
5 txns
Insider
Saggar Rajeev
Role
Chief Medical Officer
Sold
9,220 shs ($354K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 9,220 | $38.37 | $354K |
| Exercise | Performance Stock Units | 3,531 | $0.00 | -- |
| Exercise | Performance Stock Units | 4,486 | $0.00 | -- |
| Exercise | Common Stock | 3,531 | $0.00 | -- |
| Exercise | Common Stock | 4,486 | $0.00 | -- |
Holdings After Transaction:
Common Stock — 173,270 shares (Direct);
Performance Stock Units — 24,715 shares (Direct)
Footnotes (1)
- Performance stock units ("PSUs") convert into common stock on a one-for-one basis. On January 11, 2024, the Reporting Person was granted 56,492 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 31,777 have vested as of the date of this Form 4. Includes (i) 15,625 unvested restricted stock units ("RSUs") of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 24,715 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iii) 49,349 unvested RSUs of the 71,780 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) 2,213 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan. On January 11, 2025, the Reporting Person was granted 71,780 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 22,431 have vested as of the date of this Form 4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023. 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
Shares sold: 9,220 shares
Sale price: $38.37 per share
Shares held after transaction: 173,270 shares
+4 more
7 metrics
Shares sold
9,220 shares
Open-market sale of common stock
Sale price
$38.37 per share
Price for 9,220 common shares sold
Shares held after transaction
173,270 shares
Direct common stock ownership post-transactions
PSUs exercised (grant 1)
3,531 units
Performance stock units converting 1-for-1 into common stock
PSUs exercised (grant 2)
4,486 units
Additional performance stock units converting 1-for-1 into common stock
PSUs granted 2024
56,492 PSUs
Grant on January 11, 2024 with time-based vesting
PSUs granted 2025
71,780 PSUs
Grant on January 11, 2025 with time-based vesting
Key Terms
Performance stock units, restricted stock units, Rule 10b5-1 plan, Employee Stock Purchase Plan
4 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) 15,625 unvested restricted stock units ("RSUs") of the 83,333 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.
Employee Stock Purchase Plan financial
"and (v) 2,213 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.
FAQ
What insider transactions did Liquidia Corp (LQDA) report for Rajeev Saggar?
Liquidia’s Chief Medical Officer Rajeev Saggar exercised 8,017 performance stock units for common shares, then sold 9,220 common shares at $38.37 each. The sale was made under a Rule 10b5-1 plan and primarily covered tax obligations from vested RSUs and PSUs.
Were the Liquidia Corp insider sales part of a Rule 10b5-1 plan?
Yes. The filing states the sale of 9,220 shares was effected pursuant to a Rule 10b5-1 plan adopted on December 15, 2023. Such plans allow pre-scheduled trades, indicating the timing of this tax-related sale was predetermined rather than an ad hoc market decision.