Liquidia Board Member Rielly-Gauvin Expands Stake with New RSU Award

Rhea-AI Filing Summary

Director Katherine Rielly-Gauvin of Liquidia Corp (LQDA) reported the acquisition of 18,396 restricted stock units (RSUs) on June 17, 2025. The RSUs were granted at $0 cost and convert to common stock on a one-for-one basis.

Key details of the transaction:

• Following the transaction, Rielly-Gauvin directly owns 38,755 shares
• The RSUs vest at the earlier of: - One-year anniversary of grant date - Day before next annual shareholder meeting
• Transaction was reported within the required filing deadline

This equity grant appears to be part of the company's director compensation program, representing a standard annual stock award to align the director's interests with shareholders.

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^*

Rielly-Gauvin Katherine

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

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	06/17/2025		A(1)		18,396(2)	A	$0	38,755	D

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

Explanation of Responses:

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

2. The RSUs shall vest upon the earlier of (i) the one-year anniversary of the date of grant or (ii) the day prior to the Issuer's next annual shareholder meeting following the date of grant.

	/s/ Katherine Rielly-Gauvin	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many LQDA restricted stock units (RSUs) did Katherine Rielly-Gauvin receive on June 17, 2025?

Katherine Rielly-Gauvin received 18,396 restricted stock units (RSUs) of LQDA on June 17, 2025, which convert into common stock on a one-for-one basis.

What is the vesting schedule for LQDA director Katherine Rielly-Gauvin's June 2025 RSU grant?

The RSUs will vest upon the earlier of: (i) the one-year anniversary of the grant date (June 17, 2026) or (ii) the day before Liquidia's next annual shareholder meeting following the grant date.

How many shares of LQDA does Katherine Rielly-Gauvin own after the June 2025 RSU grant?

Following the RSU grant, Katherine Rielly-Gauvin beneficially owns 38,755 shares of LQDA common stock directly (Form D ownership).

What is Katherine Rielly-Gauvin's role at LQDA as disclosed in the June 2025 Form 4?

According to the Form 4 filing, Katherine Rielly-Gauvin serves as a Director of Liquidia Corporation (LQDA). This is indicated by the 'X' marked in the Director box under the relationship to issuer section.

What was the purchase price of LQDA RSUs granted to Katherine Rielly-Gauvin in June 2025?

The restricted stock units were granted at a price of $0, as indicated in the 'Price' column of Table I in the Form 4 filing.