Boyle Dana 4

4 · Liquidia Corp · Filed Apr 14, 2026

AI-generated summary of this filing

Updated Apr 14, 2026

Liquidia (LQDA) Chief Accounting Officer Dana Boyle Sells 5,101 Shares

What Happened

Dana Boyle, Liquidia’s Chief Accounting Officer, converted 3,179 performance-based units into 3,179 shares on April 10, 2026 (derivative exercise/conversion). On April 13, 2026 she sold 5,101 shares in an open-market transaction at $38.37 per share, generating proceeds of approximately $195,725.
The April 10 conversion was a PSU/derivative settlement (reported as code M). The subsequent sale appears to have been to cover taxes associated with RSU/PSU settlements (see footnote) and was executed under a Rule 10b5-1 plan.

Key Details

Transaction dates and prices:
- 2026-04-10: Conversion/exercise of 3,179 PSUs into 3,179 shares (derivative, $0.00 per-share exercise price reported).
- 2026-04-13: Open-market sale of 5,101 shares at $38.37 each; total proceeds ≈ $195,725.
Shares owned after transaction: Not specified in the provided filing excerpt.
Notable footnotes:
- PSUs convert 1:1 into common stock (F1).
- The Reporting Person was granted 50,861 PSUs on Jan 11, 2025 with a time-based vesting schedule; 15,895 of those PSUs had vested as of this Form 4 (F2).
- The filing lists multiple unvested RSU awards and 3,964 ESPP shares still held (F3).
- The sale was effected pursuant to a Rule 10b5-1 plan adopted Dec 15, 2023 (F4).
- The shares sold were used to cover taxes from RSU/PSU settlements (F5).
Timeliness: Form 4 was filed on 2026-04-14 reporting transactions on 2026-04-10 and 2026-04-13; the filing is within the standard reporting window (no late-filing indication in the excerpt).

Context

The April 10 transaction was a conversion/settlement of performance stock units (not a cash purchase); the PSUs converted into common shares on a one-for-one basis.
The April 13 sale was a routine sale under a pre-established 10b5-1 plan and was used to satisfy tax withholding obligations tied to equity settlements—these types of sales are common and do not necessarily signal a change in insider conviction.
Purchases are generally more informative about insider sentiment; this filing documents a conversion plus a tax-cover sale rather than a fresh buy.

Form 4

Period: 2026-04-10

Chief Accounting Officer

Transactions

Exercise/Conversion
Common Stock
[F2][F1][F3]
2026-04-10+3,179→ 182,019 total
Sale
Common Stock
[F4][F5][F3]
2026-04-13$38.37/sh−5,101$195,725→ 176,918 total
Exercise/Conversion
Performance Stock Units
[F1]
2026-04-10−3,179→ 34,966 total
→ Common Stock (3,179 underlying)

Footnotes (5)

[F1]Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
[F2]On January 11, 2025, the Reporting Person was granted 50,861 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 15,895 have vested as of the date of this Form 4.
[F3]Includes (i) 12,500 unvested restricted stock units ("RSUs") of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (ii) 24,975 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iii) 34,966 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4, (v) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (vi) 3,964 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 and PSUs that were initially granted to the Reporting Person on January 11, 2024 and January 11, 2025.

Signature

/s/ Dana Boyle|2026-04-14

1 file