Saggar Rajeev 4

What Happened

• Rajeev Saggar, Chief Medical Officer of Liquidia Corporation (LQDA), converted equity awards on April 10, 2026 and sold shares in the open market on April 13, 2026. He sold 9,220 shares at $38.37 per share on April 13 for proceeds of $353,771. On April 10 he converted/exercised derivative awards that resulted in 3,531 and 4,486 shares being recorded as acquired; corresponding shares were surrendered/withheld at $0 to cover tax obligations.

Key Details

• Transactions and prices:
  • April 10, 2026: Exercise/conversion (code M) — 3,531 shares and 4,486 shares acquired (conversion of PSUs/RSUs); corresponding disposals of those share amounts at $0 reflect shares withheld for taxes.
  • April 13, 2026: Open-market sale — 9,220 shares sold at $38.37 for $353,771 (transaction effected pursuant to a Rule 10b5-1 plan).
• Shares owned after the transactions: The filing excerpt here does not state a single total beneficial ownership number. The filing notes 2,213 shares held via the 2020 ESPP and lists various unvested RSUs/PSUs (see footnotes below) — consult the Form 4 for the exact post-transaction beneficial ownership figure.
• Notable footnotes:
  • PSUs convert one-for-one into common stock (F1).
  • Vesting detail: 56,492 PSUs granted 1/11/2024 (31,777 vested as of this filing) and 71,780 PSUs granted 1/11/2025 (22,431 vested) (F2, F4).
  • Unvested awards and ESPP shares are listed in F3 (several grant vintages; 2,213 ESPP shares).
  • The April 13 sale was made under a pre-established Rule 10b5-1 trading plan (F5).
  • Shares surrendered/sold to cover taxes associated with RSU/PSU settlement are noted (F6).
• Filing timing: The Form 4 was filed April 14, 2026. Transactions occurred April 10 and April 13; the April 10 conversions were reported four days later — review the full filing for any timeliness disclosures.

Context

• Transaction codes: M = exercise or conversion of a derivative (here, PSUs/RSUs converting to common stock); S = sale. The $0 disposals tied to the April 10 conversions indicate shares were withheld/surrendered to satisfy tax-withholding obligations rather than sold for cash proceeds.
• For retail investors: sales to cover taxes and sales under 10b5-1 plans are common and do not necessarily signal a change in an insider’s view of the company. Purchases are typically more informative about insider conviction; this filing mostly documents award settlement and a planned sale.