Kaseta Michael 4

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.