Kaseta Michael 4

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.