Kaseta Michael 4

4 · Liquidia Corp · Filed Mar 3, 2026

AI-generated summary of this filing

Updated Mar 3, 2026

Liquidia (LQDA) CFO Michael Kaseta Sells 1,165 Shares

What Happened

Michael Kaseta, Liquidia’s CFO and COO, converted 2,344 restricted stock units (RSUs) into common shares on Feb 27, 2026, and subsequently sold 1,165 shares in an open-market transaction on Mar 2, 2026 at $30.58 per share, generating $35,626. The RSU conversion is reported as an exercise/conversion of a derivative (code M); the sale is reported as a market sale (code S).

Key Details

Transaction dates and prices:
- Feb 27, 2026 — Conversion/exercise of 2,344 RSUs into common stock (derivative conversion, code M).
- Mar 2, 2026 — Open-market sale of 1,165 shares at $30.58 each, total proceeds $35,626 (code S).
Purpose / mechanics:
- The sale was used to cover taxes associated with the RSU settlement (footnote indicates tax-withholding sale).
- The sale was effected pursuant to a Rule 10b5-1 trading plan adopted Dec 15, 2023 (per footnote).
Vesting / holdings notes:
- Footnotes indicate multiple RSU grants and vesting schedules; 37,500 RSUs from a 2022 grant had fully vested as of this Form 4. The filing also lists numerous unvested RSUs from 2023–2026 grants and 11,694 shares acquired under the 2020 ESPP.
Filing timing:
- Form 4 was filed Mar 3, 2026 reporting activity through Feb 27, 2026. (No late-filing flag indicated in the details provided.)

Context

This was a conversion of RSUs to common stock followed by a partial sale to satisfy tax withholding — a common, routine insider transaction when equity awards vest. The conversion is reported as a derivative exercise (M); the subsequent sale (S) is a disposition. Such tax-withholding sales and executions under pre-established 10b5-1 plans are typically administrative and do not necessarily indicate a change in the insider’s view on the company.

Form 4

Period: 2026-02-27

CFO and COO

Transactions

Exercise/Conversion
Common Stock
[F2][F1][F3]
2026-02-27+2,344→ 413,020 total
Sale
Common Stock
[F4][F5][F3]
2026-03-02$30.58/sh−1,165$35,626→ 411,855 total
Exercise/Conversion
Restricted Stock Units
[F1]
2026-02-27−2,344→ 0 total
→ Common Stock (2,344 underlying)

Footnotes (5)

[F1]Restricted stock units ("RSUs") convert into common stock on a one-for-one basis
[F2]On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% of the RSUs vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 37,500 have vested as of the date of this Form 4.
[F3]Includes (i) 31,167 unvested RSUs of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 46,625 unvested RSUs and 25,000 unvested RSUs of the 93,250 RSUs and 50,000 RSUs granted to the Reporting Person on January 11, 2024 and January 15, 2024, respectively, (iii) 84,597 unvested RSUs of the 112,797 RSUs granted to the Reporting Person on January 11, 2025, (iv) 59,320 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) 11,694 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
[F4]Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
[F5]These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022.

Signature

/s/ Michael Kaseta|2026-03-03

1 file