Adair Jason 4

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.