Saggar Rajeev 4

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.