BRAENDER LORI J 4
4 · Aquestive Therapeutics, Inc. · Filed Mar 11, 2026
Research Summary
AI-generated summary of this filing
Aquestive (AQST) CLO Lori Braender Receives Awards, Sells Shares
What Happened
Lori J. Braender, Chief Legal Officer of Aquestive Therapeutics (AQST), received two equity awards on March 9, 2026: 80,000 restricted shares (no purchase price) and a derivative award covering 50,000 shares with a $4.29 strike (reported value $214,500). On March 10, 2026 she sold 40,102 shares in the open market at a weighted-average price of $4.17 for proceeds of $167,346. The sale was a sell-to-cover to satisfy tax withholding associated with vested equity.
Key Details
- Transaction dates: Awards granted 2026-03-09; sale executed 2026-03-10 (filed 2026-03-11). Filing appears timely.
- Sale price(s): weighted average $4.17 (individual trades ranged $4.17–$4.32). Total proceeds $167,346.
- Awards: 80,000 restricted shares reported at $0.00; 50,000-share derivative award reported at $4.29 (value $214,500).
- Vesting: Restricted stock and options vest in three annual installments (25% / 25% / 50%).
- Tax withholding: The 40,102-share sale was a mandated "sell to cover" for tax withholding—per the filing, not a discretionary open-market sale.
- Shares owned after transaction: not specified in the provided excerpt of the filing.
- Footnotes: F1/F4 describe vesting schedules; F2 notes mandatory sell-to-cover; F3 discloses multi-trade price range and weighted-average reporting.
Context
These transactions primarily reflect compensation-related awards (restricted stock and option grants) and a routine tax-withholding sale. Awards are not open-market purchases and should be viewed as part of executive compensation; the sale was executed to meet tax obligations rather than as an unsolicited disposition of holdings.
Insider Transaction Report
- Award
Common Stock
[F1]2026-03-09+80,000→ 482,981 total - Sale
Common Stock
[F2][F3]2026-03-10$4.17/sh−40,102$167,346→ 442,879 total - Award
Non-Qualified Stock Option (right to buy)
[F4]2026-03-09$4.29/sh+50,000$214,500→ 50,000 totalExercise: $4.29Exp: 2036-03-09→ Common Stock (50,000 underlying)
Footnotes (4)
- [F1]The Common Stock is represented by restricted stock which will vest in three annual installments with 25% on the 1st installment, 25% on the 2nd installment and 50% on the 3rd installment.
- [F2]Represents the number of shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of Restricted Stock Units. These sales are mandated by the Issuer's election under its equity incentive plans to require the satisfaction of a tax withholding obligation to be funded by a "sell to cover" transaction and do not represent discretionary trades by the Reporting Person.
- [F3]This transaction was executed in multiple trades at prices ranging from $4.17 to $4.32. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.
- [F4]The options will vest in three annual installments with 25% on the 1st installment, 25% on the 2nd installment and 50% on the 3rd installment.