Saggar Rajeev 4
4 · Liquidia Corp · Filed Jul 14, 2026
Research Summary
AI-generated summary of this filing
Liquidia (LQDA) CMO Rajeev Saggar Sells 9,926 Shares
What Happened
Rajeev Saggar, Chief Medical Officer of Liquidia Corporation (LQDA), converted performance/derivative awards on July 10, 2026 and sold 9,926 shares in open-market transactions on July 13, 2026 for a total of about $709,816. The sales were 703 shares at $71.39 (≈ $50,187) and 9,223 shares at $71.52 (≈ $659,629). The July 10 entries show conversions/exercises of 3,531 and 4,487 shares (derivative/PSU conversions reported at $0).
Key Details
- Transaction dates and prices:
- 2026-07-10: Conversion/exercise of 3,531 and 4,487 PSUs/derivatives (reported at $0.00 per share).
- 2026-07-13: Open-market sales of 703 shares @ $71.39 and 9,223 shares @ $71.52.
- Total proceeds from sales: ≈ $709,816.
- Shares owned after transaction: Not specified in the supplied filing details.
- Notable footnotes:
- F1: PSUs convert one-for-one into common stock.
- F5: Transaction(s) were effected pursuant to a Rule 10b5-1 trading plan (adopted Dec 15, 2023).
- F6: The shares sold were to cover taxes associated with settlement of RSUs and PSUs granted on Jan 11, 2023, Jan 11, 2024 and Jan 11, 2025.
- F2/F4/F3: Filing shows multiple grants and vesting schedules (some PSUs/RSUs remain unvested).
- Filing timeliness: The Form 4 was filed July 14, 2026. The July 10 conversions appear to have been reported later than the usual two-business-day window (potential late reporting), while the July 13 sales were reported promptly.
Context
These transactions reflect award conversions and subsequent sales to cover tax obligations rather than a standalone open-market investment or liquidation decision. For derivative items: PSUs converted into common stock (one-for-one) and related shares were sold shortly thereafter. The presence of a 10b5-1 plan indicates some sales were pre-scheduled. Such tax-withholding sales are common and do not alone signal a change in an insider’s view of the company.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F2][F1][F3]2026-07-10+3,531→ 177,238 total - Exercise/Conversion
Common Stock
[F4][F1][F3]2026-07-10+4,487→ 181,725 total - Sale
Common Stock
[F5][F6][F1][F3]2026-07-13$71.39/sh−703$50,187→ 181,022 total - Sale
Common Stock
[F5][F6][F1][F3]2026-07-13$71.52/sh−9,223$659,629→ 171,799 total - Exercise/Conversion
Performance Stock Units
[F1]2026-07-10−3,531→ 21,184 total→ Common Stock (3,531 underlying) - Exercise/Conversion
Performance Stock Units
[F1]2026-07-10−4,487→ 44,862 total→ Common Stock (4,487 underlying)
Footnotes (6)
- [F1]Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
- [F2]On January 11, 2024, the Reporting Person was granted 56,492 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 35,308 have vested as of the date of this Form 4.
- [F3]Includes (i) 10,416 unvested restricted stock units ("RSUs") of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 21,184 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iii) 44,862 unvested RSUs of the 71,780 RSUs granted to the Reporting Person on January 11, 2025, (iv) 32,955 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) 2,650 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
- [F4]On January 11, 2025, the Reporting Person was granted 71,780 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 26,918 have vested as of the date of this Form 4.
- [F5]Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
- [F6]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.