Kaseta Michael 4

What Happened Michael Kaseta, Liquidia’s Chief Financial Officer and Chief Operating Officer, received equity awards on January 16, 2026: 59,320 restricted stock units (RSUs) and 88,980 performance stock units (PSUs). Both awards were granted at $0 per share (standard for compensation awards). RSUs convert one-for-one into common stock; PSUs also convert one-for-one but vest only according to time-based schedule and a YUTREPIA net sales performance condition disclosed in the company’s FY2026 Form 10‑K.

Key Details

• Transaction date and type: 2026-01-16 — Award/Grant (code A) at $0 per share.
• Vesting (time-based): 25% of the RSUs/PSUs vest on January 11, 2027 (Initial Vesting Date), then 6.25% vests every three months thereafter.
• PSU performance condition: PSUs vest subject to a milestone tied to net product sales revenue from YUTREPIA in 2026 as disclosed in the FY2026 10‑K; vesting may also be tied to the date the FY2026 10‑K is filed if that is later than the Initial Vesting Date.
• Holdings reported in filing: the footnotes show unvested RSUs from prior grants (including the new 59,320 RSUs) and the new 88,980 PSUs; the filing also references 11,257 shares from the 2020 Employee Stock Purchase Plan. (Footnotes list the breakdown of prior unvested RSUs and the newly granted awards.)
• Filing: Form 4 filed Jan 21, 2026, reporting the Jan 16, 2026 grants.

Context These grants are compensation awards (not open-market purchases or sales) and are common for executives; RSUs convert to shares one-for-one when vested, while PSUs add a performance hurdle tied to product sales, so their final value depends on future results and vesting. Awards at $0 reflect issuance terms, not a market purchase price.