Adair Jason 4

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.