Liquidia (LQDA) CBO Jason Adair Sells Shares

What Happened

• Jason Adair, Chief Business Officer of Liquidia Corporation (LQDA), converted/settled derivative awards (RSUs/PSUs) into common stock on July 10, 2026 (total converted: 10,251 shares) and sold 7,863 shares in open-market transactions on July 13, 2026 for aggregate proceeds of $562,289 (562,289 = $40,121 from 562 shares at $71.39 + $522,168 from 7,301 shares at $71.52).
• The July 10 entries report exercise/conversion of 3,907, 2,475 and 3,869 derivative shares. The July 13 sales were reported as open-market disposals; the derivative/conversion disposal lines at $0 reflect conversion of awards rather than a cash sale price.

Key Details

• Dates and prices: conversions on 2026-07-10 (10,251 shares). Sales on 2026-07-13: 562 shares @ $71.39 and 7,301 shares @ $71.52; total proceeds ~$562,289.
• Shares owned after transaction: not specified as a single total in the provided filing; filing footnotes list vested and unvested RSUs/PSUs and ESPP shares (see notes).
• Notable footnotes: (F1/F4) RSUs and PSUs convert 1:1 to common stock; (F2/F3/F5/F6) detail vesting history and remaining unvested awards; (F7) transactions effected pursuant to a Rule 10b5-1 plan adopted Dec 15, 2023; (F8) shares were sold to cover taxes associated with the settlement of RSUs and PSUs.
• Timeliness: Form filed 2026-07-14 reporting transactions dated 2026-07-10 and 07-13; filing date is within the two-business-day Form 4 reporting window and is not marked late.

Context

• These filings reflect conversion/settlement of equity awards (RSUs/PSUs) and subsequent sales to cover tax withholding, not an independent open-market purchase as a bullish signal. The presence of a 10b5-1 plan and the tax-withholding note indicate the sales were routine administrative transactions following vesting/conversion rather than discretionary selling based on new information.