Kaseta Michael 4

What Happened

• Michael Kaseta, Liquidia’s Chief Financial Officer and Chief Operating Officer, exercised/converted derivative awards (options/PSUs/RSUs) and sold company stock in mid‑April 2026. He exercised or converted a total of 36,699 derivative/award shares (including a 23,821‑share exercise at $2.79 for $66,461 in exercise cost) and sold 42,779 shares in open‑market transactions for total gross proceeds of about $1,683,667 (approx. $956,249 on 2026‑04‑10 and $727,418 on 2026‑04‑13).

Key Details

• Transaction dates and prices:
  • 2026‑04‑10: Exercised/converted 23,821 shares at $2.79 (cash paid $66,461); sold 23,821 shares at a VWAP reported as $40.14 (gross ≈ $956,249). VWAP range for that day was $40.00–$40.62 (filing offers to provide breakdown on request).
  • 2026‑04‑10: Also exercised/converted 5,828 and 7,050 derivative/award shares (exercise price N/A in filing).
  • 2026‑04‑10: Derivative conversions shown with $0.00 disposed (these reflect conversion/settlement accounting entries).
  • 2026‑04‑13: Sold 18,958 shares at $38.37 (gross ≈ $727,418).
• Sales were performed under prearranged Rule 10b5‑1 trading plans (one adopted Nov 5, 2025 for the April 10 sale; another adopted Dec 15, 2023 for the April 13 sale).
• Some shares were sold to cover tax withholding related to RSU/PSU settlements (filing footnote).
• Filing: Form 4 covers transactions through 2026‑04‑10 and was filed 2026‑04‑14 (timely within the two‑business‑day deadline).
• Post‑transaction holdings (as disclosed in footnotes): the reporting person still has substantial unvested awards — footnote details show about 222,914 unvested RSUs from multiple grants and 11,694 ESPP shares; specific total beneficial ownership after the transactions is not separately itemized in the provided summary.

Context

• This was effectively a “cashless” outcome for some awards: Kaseta exercised/converted awards and then sold shares (common practice to cover exercise costs and tax withholding). The trades were executed under prearranged 10b5‑1 plans, which typically means the sales were scheduled in advance rather than timed to new company information.
• The Form shows a mix of option exercises/award conversions (transaction code M) and open‑market sales (S). Footnotes clarify vesting schedules for PSUs/RSUs and that PSUs convert one‑for‑one into common stock.