Saggar Rajeev 4

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.