JEFFS ROGER 4

What Happened

• Roger Jeffs, CEO of Liquidia Corporation (LQDA), received equity compensation on January 16, 2026: 115,344 restricted stock units (RSUs) and 173,016 performance stock units (PSUs). Both awards were granted at $0.00 (no cash paid) and are reported as award/derivative transactions (code A). RSUs and PSUs convert one-for-one into common shares upon vesting.

Key Details

• Transaction date: 2026-01-16; Form 4 filed 2026-01-21 (timely within required business days).
• RSUs: 115,344 granted; vesting schedule — 25% on January 11, 2027, then 6.25% every three months thereafter. (Footnote F1–F2)
• PSUs: 173,016 granted as derivative awards; vesting = 25% on the Initial Vesting Date (or the date the issuer files its FY2026 Form 10‑K, if later) and 6.25% every three months thereafter, subject to a milestone tied to net product sales of YUTREPIA in 2026 as disclosed in the FY2026 10‑K. (Footnote F4–F5)
• Beneficial ownership after these grants (per footnote summary): includes 72,375 unvested RSUs from 2023, 110,669 unvested RSUs from 2024, 171,995 unvested RSUs from 2025, the 115,344 RSUs granted on 1/16/2026, plus 10,696 shares from the 2020 ESPP — totaling 481,079 shares/units (mix of unvested RSUs and vested ESPP shares).
• Some securities are held by entities: Roger A. Jeffs Living Trust (he is trustee) and Serendipity BioPharma LLC (he is manager with sole voting/dispositive power). (Footnotes F6–F7)

Context

• These awards are compensatory grants (non‑cash) that will only convert into tradable shares if and when they vest; PSUs have an additional performance condition tied to YUTREPIA sales in 2026, so actual shares received could depend on future results disclosed in the FY2026 10‑K.
• Awards are common insider compensation and do not, by themselves, signal buying or selling intent. They typically align executive pay with company performance and retention.