BRAENDER LORI J 4

What Happened Lori J. Braender, Chief Legal Officer of Aquestive Therapeutics (AQST), was granted 82,500 performance stock units (PSUs) on March 7, 2025. The Form 4 reports the award as an acquisition at $0.00 (derivative award, transaction code A). There is no immediate cash outlay or realized value from this grant; value depends on future stock-price performance and vesting conditions.

Key Details

• Transaction date and type: 2025-03-07 — Grant/Award of 82,500 PSUs (transaction code A). Reported acquisition price: $0.00 (derivative).
• Shares owned after transaction: Not reported on this Form 4.
• Vesting/performance: PSUs measure performance from 3/7/2025 through 3/7/2028 and, if earned, vest 100% on 3/7/2028.
• Pricing metric: “Performance Price” is based on 30-day average Nasdaq closing prices — (i) the 30-day average ending on the day before the 2nd anniversary (First Pricing Period) and (ii) the highest 30-day average during the 2nd–3rd anniversary period (Second Pricing Period).
• Filing timeliness: Form 4 was filed late due to an inadvertent administrative oversight (footnote) — filing timeliness flagged as late.

Context This was a compensation award (PSUs), not an open-market buy or sale. PSUs are contingent rights to receive common stock only if performance targets are met over the three-year measurement period; they do not indicate an immediate purchase or sale by the insider. The late filing is noted in the disclosure but does not change the nature of the grant—retail investors should view this as standard equity compensation rather than a direct indicator of insider buying or selling.