Schundler Russell 4

What Happened
Russell Schundler, General Counsel of Liquidia Corporation (LQDA), was granted equity awards on January 16, 2026: 32,955 restricted stock units (RSUs) and 49,433 performance stock units (PSUs). Both awards were granted at $0 (no cash paid). The RSUs convert one-for-one into common stock; the PSUs are derivative awards that convert one-for-one if performance/time vesting conditions are met.

Key Details

• Transaction date: January 16, 2026; Form 4 filed January 21, 2026. (Form 4 filing was 5 days after the grant—longer than the typical 2-business-day deadline for insiders.)
• Awarded: 32,955 RSUs (time-based) and 49,433 PSUs (performance/time-based). Grant price reported $0.00. Transaction code: A (award/grant).
• RSU vesting (time-based): 25% vest on January 11, 2027, then 6.25% vest every three months thereafter. RSUs convert 1:1 into common shares.
• PSU vesting (time + performance): 25% vests on the later of the Initial Vesting Date or the filing of the Issuer’s FY2026 Form 10‑K; then 6.25% quarterly thereafter, subject to a milestone tied to net product sales revenue for YUTREPIA in 2026 as disclosed in the FY2026 10‑K. PSUs convert 1:1 into common shares if vested.
• Holdings reported/footnotes: the filing notes multiple prior unvested RSU grants (from 2023–2025), the new 32,955 RSUs, and 11,869 shares acquired under the company’s ESPP. The reporting person disclaims beneficial ownership except to the extent of his pecuniary interest.

Context
These awards are compensation grants (not purchases or sales). RSUs provide time-based equity retention; PSUs add a performance condition tied to YUTREPIA sales in 2026, so the ultimate share issuance depends on future company results and continued service. Such grants are common for executives and do not by themselves indicate a buy or sell signal.