Kaseta Michael 4

What Happened

• Michael Kaseta, Liquidia’s Chief Financial Officer and Chief Operating Officer, exercised stock options (cost ≈ $251,019) and sold shares in open‑market transactions on April 14–15, 2026.
• Reported acquisitions: exercised options to acquire 89,971 shares (3,000 on 4/14 at $2.79; 86,971 on 4/15 at $2.79) for a combined cash outlay of ~$251,019.
• Reported sales: sold a total of 142,390 shares across April 14–15 (3,000 @ $40.00; 9,044 @ $40.14; 86,971 @ $40.14; 43,375 @ $40.14) for aggregate proceeds of about $5,715,240 (volume‑weighted average pricing applies across the trades).

Key Details

• Dates & prices: April 14–15, 2026; exercise price $2.79; sale prices ranged ~$40.00–$40.39 (VWAP used for reporting).
• Shares owned after transaction: Form 4 reports unvested RSUs totaling 222,914 and 2,650 ESPP shares; the filing does not itemize total beneficially owned vested shares in the provided data.
• Notable footnotes: Sales and some related transactions were effected pursuant to a Rule 10b5‑1 trading plan adopted Nov 5, 2025 (Footnotes F2–F6). Footnote F4 notes the posted sale price is a volume‑weighted average and the filer can provide per‑price breakdown on request.
• Vesting/tax: The exercised options referenced were fully vested (per F7). Some reported derivative entries at $0.00 reflect internal reporting of underlying option/share movements (see footnotes).
• Timeliness: Form 4 was filed April 16, 2026 for transactions on April 14–15, 2026 — a timely filing.

Context

• This was essentially an exercise of vested options followed by immediate or near‑immediate open‑market sales (a common cashless outcome). Because the sales were executed under a preexisting Rule 10b5‑1 plan, they are generally routine and prearranged rather than ad hoc trading decisions.
• Sales by executives are common and do not necessarily signal positive or negative views; purchases generally carry more informational weight for investors.