Saggar Rajeev 4

Accession 0001104659-26-005476

CIK 0001819576other

Filed

Jan 20, 7:00 PM ET

Accepted

Jan 21, 6:16 PM ET

Size

8.5 KB

Accession

0001104659-26-005476

AI-generated summary of this filing

Updated Jan 21, 2026

Liquidia (LQDA) CMO Rajeev Saggar Receives RSU and PSU Awards

What Happened

Rajeev Saggar, Chief Medical Officer of Liquidia Corporation (LQDA), received equity awards on January 16, 2026: 32,955 restricted stock units (RSUs) and 49,433 performance stock units (PSUs). Both awards were granted as equity awards (transaction code A) and reported at $0 acquisition price. RSUs and PSUs convert into common stock on a one-for-one basis if and when they vest.

Key Details

Transaction date: January 16, 2026; Form 4 filed January 21, 2026 (filed about one business day after the typical 2-business-day Form 4 window).
Awards: 32,955 RSUs (time-based) and 49,433 PSUs (performance- and time-based).
Vesting (RSUs): 25% vests on January 11, 2027 (Initial Vesting Date), then 6.25% every three months thereafter. None of the 32,955 RSUs had vested as of the Form 4.
Vesting (PSUs): 25% vests on the Initial Vesting Date or on the date the company files its FY2026 Form 10-K (if later), then 6.25% quarterly thereafter, subject to a milestone tied to net product sales of YUTREPIA in 2026 as disclosed in the FY2026 10-K.
Shares owned after transaction (as reported in footnotes): the filing lists unvested RSUs from prior grants plus the new awards and 2,213 shares from the 2020 ESPP — totaling 138,082 shares/RSU equivalents (includes unvested awards).
Transaction type: Award/Grant (code A). No sale or open-market purchase occurred.

Context

These awards are compensation/retention grants, not open-market purchases or sales — they don’t represent immediate cash changed hands and only convert to tradable shares if vesting conditions are met.
PSUs include a performance condition tied to YUTREPIA 2026 sales disclosed in the FY2026 10-K, so final vesting (and share issuance) depends on both time and achievement of that milestone.
The Form 4 appears to have been filed one business day after the typical 2-business-day deadline; investors may note the delayed report but should focus on vesting schedules and performance conditions to assess future dilution or insider alignment.

Form 4

Period: 2026-01-16

Chief Medical Officer

Transactions

Award
Common Stock
[F1][F2][F3]
2026-01-16+32,955→ 209,838 total
Award
Performance Stock Units
[F4][F5]
2026-01-16+49,433→ 49,433 total
→ Common Stock (49,433 underlying)

Footnotes (5)

[F1]Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.
[F2](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.
[F3]Includes (i) 20,833 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 28,246 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iii) 53,835 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.
[F4]Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
[F5]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.

Signature

/s/ Dr. Rajeev Saggar|2026-01-21

1 file

Liquidia Corp

CIK 0001819576

Entity typeother