Kaseta Michael 4
4 · Liquidia Corp · Filed Jul 14, 2026
Research Summary
AI-generated summary of this filing
Liquidia (LQDA) CFO Michael Kaseta Sells 20,430 Shares
What Happened
- Michael Kaseta, Liquidia’s Chief Financial Officer and Chief Operating Officer, converted performance-based awards into common shares on July 10, 2026 and then sold a total of 20,430 shares in open-market transactions on July 13, 2026, generating approximately $1,460,965 in proceeds.
- Sales detail: 1,453 shares sold at $71.39 for $103,730 and 18,977 shares sold at $71.52 for $1,357,235. The July 10 entries (5,829 and 7,050 shares) reflect conversion/exercise of performance stock units (PSUs) into common stock (one-for-one per filing).
Key Details
- Transaction dates and prices:
- July 10, 2026: Converted/ exercised PSUs into common stock (5,829 and 7,050 shares).
- July 13, 2026: Sold 1,453 shares @ $71.39 and 18,977 shares @ $71.52.
- Total sold: 20,430 shares for ~$1,460,965.
- Purpose / mechanics:
- Filing notes the sales were effected pursuant to a Rule 10b5‑1 trading plan adopted by Kaseta on December 15, 2023 (F5).
- Footnote indicates these sales were to cover taxes associated with settlement of RSUs and PSUs (F6).
- Holdings after transaction:
- The filing lists remaining vested and unvested RSUs/PSUs (examples: 58,282 vested PSUs from the Jan 11, 2024 grant and 42,300 vested PSUs from the Jan 11, 2025 grant); see footnotes F1–F4 for award schedules and vesting.
- Timeliness: Form 4 filed July 14, 2026 for transactions through July 13, 2026 — no late filing flag in the report.
Context
- The July 10 entries are conversions of PSUs into shares (not a cash purchase); PSUs convert one-for-one to common stock per the filing (F1).
- The subsequent open-market sales were reported as executed under a pre-existing 10b5‑1 plan and were used to satisfy tax-withholding obligations tied to vested equity awards — these are routine, administrative sales rather than an explicit expression of market view.
- For retail investors: purchases are typically more informative about insider conviction than routine tax or plan-driven sales; here the file indicates the activity was largely to cover tax liabilities from vested awards.
Insider Transaction Report
Form 4
Liquidia CorpLQDA
Kaseta Michael
CFO and COO
Transactions
- Exercise/Conversion
Common Stock
[F2][F1][F3]2026-07-10+5,829→ 359,185 total - Exercise/Conversion
Common Stock
[F4][F1][F3]2026-07-10+7,050→ 366,235 total - Sale
Common Stock
[F5][F6][F3]2026-07-13$71.39/sh−1,453$103,730→ 364,782 total - Sale
Common Stock
[F5][F6][F3]2026-07-13$71.52/sh−18,977$1,357,235→ 345,805 total - Exercise/Conversion
Performance Stock Units
[F1]2026-07-10−5,829→ 34,968 total→ Common Stock (5,829 underlying) - Exercise/Conversion
Performance Stock Units
[F1]2026-07-10−7,050→ 70,497 total→ Common Stock (7,050 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 93,250 PSUs with 25% of the PSUs vesting on January 11, 2025 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 58,282 have vested as of the date of this Form 4.
- [F3]Includes (i) 15,583 unvested restricted stock units ("RSUs") of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 34,968 unvested RSUs and 18,750 unvested RSUs of the 93,250 RSUs and 50,000 RSUs granted to the Reporting Person on January 11, 2024 and January 15, 2024, respectively, (iii) 70,497 unvested RSUs of the 112,797 RSUs granted to the Reporting Person on January 11, 2025, (iv) 59,320 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 ("ESPP").
- [F4]On January 11, 2025, the Reporting Person was granted 112,797 PSUs with 25% of the PSUs vesting on January 11, 2026 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 42,300 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, January 15, 2024 and January 11, 2025.
Signature
/s/ Michael Kaseta|2026-07-14