Krepp Sarah 4

What Happened
Sarah Krepp, Chief Human Resource Officer of Liquidia Corporation (LQDA), received equity awards on January 16, 2026: 23,728 restricted stock units (RSUs) and 35,592 performance stock units (PSUs). Both awards were granted at $0.00 (no cash paid). RSUs convert one-for-one into common stock; PSUs also convert one-for-one but are subject to time-based vesting and a performance milestone tied to YUTREPIA net product sales disclosed in the company’s FY2026 Form 10-K.

Key Details

• Transaction date: January 16, 2026; Filing date: January 21, 2026 (filed within two business days accounting for the Jan 19 federal holiday).
• Grant amounts and prices: 23,728 RSUs @ $0.00; 35,592 PSUs @ $0.00. Total immediate cash value reported: $0.
• Shares/units held following transaction (per filing footnote): approximately 129,454 total (about 124,142 unvested RSUs from various prior grants plus 5,312 shares from the 2020 ESPP).
• Vesting summary: RSUs — 25% vest on Jan 11, 2027, then 6.25% every three months thereafter. PSUs — 25% vests on the Initial Vesting Date or the later of that date and the filing of the FY2026 10-K, then 6.25% quarterly thereafter, and vesting is conditioned on specified YUTREPIA 2026 sales milestones as disclosed in the FY2026 10-K.
• Award types: RSUs = time-based restricted stock units (convert 1:1). PSUs = performance stock units (convert 1:1, subject to performance condition).
• No sale or purchase of outstanding shares occurred — these are grants/awards (transaction code A).

Context: These grants are compensation awards, not open-market purchases or sales, so they reflect executive pay and retention incentives rather than an immediate bullish or bearish trading signal. The PSUs include a performance condition tied to product sales, so the number of shares that ultimately vest will depend on reported 2026 results in the FY2026 10-K.