Liquidia counsel sells shares to cover tax obligations
Liquidia general counsel Russell Schundler exercised performance stock units into 10,168 common shares on July 10, 2026, then sold 14,738 shares on July 13 at prices of $71.52 and $71.39 per share under a pre-arranged Rule 10b5-1 plan to cover tax obligations.
Rhea-AI Filing Summary
Liquidia general counsel Russell Schundler exercised performance stock units into 10,168 common shares on July 10, 2026, then sold 14,738 shares on July 13 at prices of $71.52 and $71.39 per share under a pre-arranged Rule 10b5-1 plan to cover tax obligations. He continues to hold 605,962 shares directly, 14,500 shares indirectly through his spouse, and unvested RSUs and PSUs from prior grants.
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Insights
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Insider Trade Summary 10b5-1
Exercise and sale activity reported; no spread calculated
Exercise and Sale
7 txns
Insider
Schundler Russell
Role
General Counsel
Sold
14,738 shs ($1.05M)
Approx. gross sale proceeds
$1.05M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock F5, F6, F3 | 1,046 | $71.39 | $75K |
| Sale | Common Stock F5, F6, F3 | 13,692 | $71.52 | $979K |
| Exercise | Performance Stock Units F1 | 3,759 | $0.00 | $0.00 |
| Exercise | Performance Stock Units F1 | 6,409 | $0.00 | $0.00 |
| Exercise | Common Stock F2, F1, F3 | 3,759 | -- | -- |
| Exercise | Common Stock F4, F1, F3 | 6,409 | -- | -- |
| holding | Common Stock F7 | -- | -- | -- |
Holdings After Transaction:
Performance Stock Units — 86,639 contracts (Direct);
Common Stock — 605,962 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 37,585 have vested as of the date of this Form 4.
- F3. Includes (i) 13,021 unvested restricted stock units ("RSUs") of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 41,300 unvested RSUs of the 110,135 RSUs granted to the Reporting Person on January 11, 2024, (iii) 64,089 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 38,454 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: 14,738 shares
Sale price per share: $71.52
Sale price per share: $71.39
+5 more
8 metrics
Shares sold
14,738 shares
Total common shares sold on July 13, 2026
Sale price per share
$71.52
Price for 13,692 shares sold on July 13, 2026
Sale price per share
$71.39
Price for 1,046 shares sold on July 13, 2026
Shares acquired via PSU exercises
10,168 shares
Common shares received from M-code PSU conversions on July 10, 2026
Direct holdings after transactions
605,962 shares
Common stock held directly by the reporting person after July 2026 trades
Indirect holdings by spouse
14,500 shares
Common stock held indirectly through spouse as of July 10, 2026
2024 PSU grant
60,135 PSUs
Performance stock units granted January 11, 2024; 37,585 vested as of this Form 4
2025 PSU grant
102,543 PSUs
Performance stock units granted January 11, 2025; 38,454 vested as of this Form 4
Key Terms
Rule 10b5-1 plan, Performance stock units, restricted stock units, Employee Stock Purchase Plan, +1 more
5 terms
Rule 10b5-1 plan regulatory
"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.
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) 13,021 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.
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.
pecuniary interest financial
"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 did Liquidia (LQDA) general counsel Russell Schundler report in this Form 4?
Russell Schundler reported exercising 10,168 performance stock units into Liquidia common shares on July 10, 2026, and selling 14,738 shares on July 13, 2026. The filing describes routine equity compensation settlement and related stock sales.
Were Russell Schundler’s Liquidia (LQDA) stock sales under a Rule 10b5-1 plan and why were they made?
Yes. A footnote states the transactions were effected under a Rule 10b5-1 plan adopted on December 15, 2023, and that the shares were sold to cover taxes associated with the settlement of RSUs and PSUs granted in 2023, 2024, and 2025.
What PSUs and RSUs has Russell Schundler received from Liquidia (LQDA)?
Footnotes show PSU grants of 60,135 (37,585 vested) in 2024 and 102,543 (38,454 vested) in 2025, plus unvested RSUs including 13,021, 41,300, 64,089 and 32,955 units from grants between 2023 and 2026, and 12,306 shares from the ESPP.
AI-generated analysis. How Rhea-AI works. Not financial advice.
