Liquidia (NASDAQ: LQDA) grants RSUs and PSUs to general counsel

Rhea-AI Filing Summary

Liquidia Corp’s general counsel, Russell Schundler, reported new equity awards and updated holdings. On January 16, 2026, he was granted 32,955 restricted stock units (RSUs) that convert into common stock on a one-for-one basis. These RSUs vest with 25% vesting on January 11, 2027, then 6.25% every three months after that.

He was also granted 49,433 performance stock units (PSUs), each convertible into one share of common stock. The PSUs vest 25% on the same initial vesting date (or, if later, when the company files its Form 10-K for 2026) and 6.25% every three months thereafter, subject to a milestone based on 2026 net product sales revenue from YUTREPIA as disclosed in the FY2026 Form 10-K. Following these grants, he beneficially owns 612,349 shares of common stock directly and 49,433 PSUs, plus 14,500 shares held indirectly by his spouse, for which he disclaims beneficial ownership except to the extent of his pecuniary interest.

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

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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^*

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)
01/16/2026

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	01/16/2026		A(1)		32,955(2)	A	$0	612,349(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
Performance Stock Units	(4)	01/16/2026		A		49,433		(5)	(5)	Common Stock	49,433	$0	49,433	D

Explanation of Responses:

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

2. (i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.

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) 11,869 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 16, 2026, the Reporting Person was granted 49,433 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

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

	/s/ Russell Schundler	01/21/2026
	** 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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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did Liquidia (LQDA) report in this Form 4 filing?

The filing shows that General Counsel Russell Schundler received new equity grants on January 16, 2026, including RSUs and PSUs, and updates his direct and indirect holdings of Liquidia common stock.

How many RSUs were granted to Liquidia’s general counsel and how do they vest?

He was granted 32,955 RSUs. They convert into common stock on a one-for-one basis, with 25% vesting on January 11, 2027 and 6.25% vesting every three months thereafter.

How many PSUs did Russell Schundler receive and what are the vesting conditions?

He received 49,433 PSUs, each convertible into one share of common stock. Vesting is time-based (25% at the initial vesting date or the filing of the FY2026 10-K, then 6.25% quarterly) and also depends on a milestone based on 2026 net product sales revenue from YUTREPIA as disclosed in the FY2026 Form 10-K.

What are Russell Schundler’s Liquidia common stock holdings after these transactions?

After the reported grants, he beneficially owns 612,349 shares of Liquidia common stock directly, plus an additional 14,500 shares held indirectly by his spouse. He also holds 49,433 PSUs.

How do the spouse-held Liquidia (LQDA) shares affect reported ownership?

The filing lists 14,500 shares of common stock held indirectly by his spouse. The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest.

Do the RSUs and PSUs reported by Liquidia’s general counsel have an exercise price?

The RSUs and PSUs are shown with a price of $0 in the filing. Both instruments convert into common stock on a one-for-one basis upon vesting, subject to their respective time-based and, for PSUs, performance-based conditions.