Adair Jason 4
4 · Liquidia Corp · Filed Apr 14, 2026
Research Summary
AI-generated summary of this filing
Liquidia (LQDA) CBO Jason Adair Sells 7,301 Shares
What Happened
- Jason Adair, Chief Business Officer of Liquidia Corporation, had RSUs/PSUs convert into common stock (derivative conversions) on April 10, 2026 (total converted = 3,906 + 2,474 + 3,868 = 10,248 shares). On April 13, 2026 he sold 7,301 shares in an open‑market transaction at $38.37 per share for total proceeds of $280,139. The conversions show $0.00 exercise price (typical for RSU/PSU settlements).
Key Details
- Transaction dates and prices:
- Apr 10, 2026: conversion/exercise (M) of 3,906, 2,474 and 3,868 shares (total 10,248) — conversions recorded at $0.00.
- Apr 13, 2026: open‑market sale (S) of 7,301 shares @ $38.37 = $280,139.
- Shares owned after transaction: not specified in the Form 4 filing.
- Notable footnotes:
- F1/F4: RSUs and PSUs convert one‑for‑one into common stock.
- F2/F5/F6: Several RSU/PSU grants and vesting schedules are disclosed (e.g., 62,500 RSUs granted 1/11/2023 with 50,781 vested as of filing; PSUs with portions vested in 2024/2025 grants).
- F3: Filing lists additional unvested RSUs and ESPP shares (including 12,023 ESPP shares).
- F7: The sale was effected pursuant to a Rule 10b5‑1 trading plan adopted 12/15/2023.
- F8: The shares sold were to cover taxes associated with settlement of RSUs/PSUs.
- Timeliness: Form filed 2026‑04‑14; no late filing is indicated in the report.
Context
- These transactions reflect settlement of equity awards (RSUs/PSUs) and a routine sale to cover tax withholding rather than an independent open‑market investment by the insider. The conversions had no cash exercise price; the subsequent sale under a 10b5‑1 plan is a prearranged disposition. Such tax‑related sales are common and do not necessarily signal the insider’s view on the company’s stock.
Insider Transaction Report
Form 4
Liquidia CorpLQDA
Adair Jason
Chief Business Officer
Transactions
- Exercise/Conversion
Common Stock
[F2][F1][F3]2026-04-10+3,906→ 216,385 total - Exercise/Conversion
Common Stock
[F5][F4][F3]2026-04-10+2,474→ 218,859 total - Exercise/Conversion
Common Stock
[F6][F4][F3]2026-04-10+3,868→ 222,727 total - Sale
Common Stock
[F7][F8][F3]2026-04-13$38.37/sh−7,301$280,139→ 215,426 total - Exercise/Conversion
Restricted Stock Units
[F1]2026-04-10−3,906→ 11,719 total→ Common Stock (3,906 underlying) - Exercise/Conversion
Performance Stock Units
[F4]2026-04-10−2,474→ 17,320 total→ Common Stock (2,474 underlying) - Exercise/Conversion
Performance Stock Units
[F4]2026-04-10−3,868→ 42,553 total→ Common Stock (3,868 underlying)
Footnotes (8)
- [F1]Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.
- [F2]On January 11, 2023, the Reporting Person was granted 62,500 RSUs with 25% of the RSUs vesting on January 11, 2024 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 50,781 have vested as of the date of this Form 4.
- [F3]Includes (i) 9,375 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 17,320 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 42,553 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025, (iv) 27,683 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) 12,023 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
- [F4]Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
- [F5]On January 11, 2024, the Reporting Person was granted 39,588 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 22,268 have vested as of the date of this Form 4.
- [F6]On January 11, 2025, the Reporting Person was granted 61,895 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 19,342 have vested as of the date of this Form 4.
- [F7]Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
- [F8]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, 2023, January 11, 2024 and January 11, 2025.
Signature
/s/ Jason Adair|2026-04-14