Moomaw Scott 4

What Happened

• Scott Moomaw, Chief Commercial 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 at $0 per share (no cash paid) and therefore show $0 acquisition value on the Form 4. The PSUs are derivative awards that convert one-for-one into common stock if and when vesting and performance conditions are met.

Key Details

• Transaction date: January 16, 2026; Form 4 filed January 21, 2026 (appears timely within the two-business-day window given the Jan 19 holiday).
• Price: $0.00 per share (standard for RSU/PSU grants).
• Shares owned following the grant: reporting shows beneficial ownership of 134,472 shares (this total includes unvested RSUs from prior grants and 3,527 shares from the employee stock purchase plan) plus 49,433 PSUs (derivative awards).
• Vesting notes:
  • RSUs: convert 1:1 to common stock. 25% vest on January 11, 2027, then 6.25% vest every three months thereafter (F1, F2).
  • PSUs: convert 1:1 to common stock and vest on the same time schedule (25% on the Initial Vesting Date or, if later, the date the company files its FY2026 Form 10‑K; then 6.25% quarterly), but vesting is also contingent on a milestone tied to YUTREPIA net product sales disclosed in the FY2026 10‑K (F4, F5).
• Other holdings referenced: footnote details include unvested RSUs from grants in 2023–2025 and ESPP shares (see F3).

Context

• These awards are typical compensation grants for executives and are not open‑market purchases or sales. RSUs are time‑based and become common shares upon vesting; PSUs are performance‑contingent, so conversion depends on meeting specified sales milestones and timing conditions. No immediate cash changed hands and no immediate market sale occurred.