Adair Jason 4

Accession 0001104659-26-005490

CIK 0001819576other

Filed

Jan 20, 7:00 PM ET

Accepted

Jan 21, 6:28 PM ET

Size

8.5 KB

Accession

0001104659-26-005490

AI-generated summary of this filing

Updated Jan 21, 2026

Liquidia (LQDA) CBO Jason Adair Receives Equity Awards

What Happened

Jason Adair, Chief Business Officer of Liquidia Corporation (LQDA), was granted equity awards on January 16, 2026: 27,683 restricted stock units (RSUs) and 41,525 performance stock units (PSUs). Both awards were granted at $0.00 (no cash paid).
RSUs convert into common stock on a one-for-one basis. PSUs also convert one-for-one but vest only if time and specified performance conditions are met.

Key Details

Transaction date: 2026-01-16; filing date: 2026-01-21 (Form 4) — appears timely (filed within required business days).
Grant values reported at $0.00 per share (standard for equity awards at grant).
Vesting (RSUs): 25% vests on January 11, 2027, then 6.25% vests every three months thereafter (per footnote).
Vesting (PSUs): 25% vests on the Initial Vesting Date (or, if later, the date Liquidia files its FY2026 Form 10‑K), then 6.25% quarterly thereafter — and vesting is subject to a milestone tied to net product sales revenue for YUTREPIA in 2026 as disclosed in the FY2026 10‑K.
Shares owned after grant: 11,586 vested shares (ESP Plan) plus 104,835 unvested RSUs (10,937 + 19,794 + 46,421 + 27,683) and 41,525 unvested PSUs (the newly granted PSUs).
No 10b5-1 plan, tax withholding, or sale reported in this filing.

Context

These awards are compensation grants, not open-market purchases or sales; they do not represent an immediate cash investment or disposition by the insider.
RSUs convert into ordinary shares as they vest; PSUs are contingent on both time and specified sales performance for YUTREPIA in 2026, so full realization depends on meeting that milestone and subsequent vesting schedule.

Form 4

Period: 2026-01-16

Chief Business Officer

Transactions

Award
Common Stock
[F1][F2][F3]
2026-01-16+27,683→ 211,857 total
Award
Performance Stock Units
[F4][F5]
2026-01-16+41,525→ 41,525 total
→ Common Stock (41,525 underlying)

Footnotes (5)

[F1]Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.
[F2](i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.
[F3]Includes (i) 10,937 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 19,794 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 46,421 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025, (iv) 27,683 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 11,586 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
[F4]Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
[F5]On January 16, 2026, the Reporting Person was granted 41,525 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

Signature

/s/ Jason Adair|2026-01-21

1 file

Liquidia Corp

CIK 0001819576

Entity typeother