Jung Cassie 4

What Happened
Cassie Jung, the Chief Operating Officer of Aquestive Therapeutics (AQST), received a grant of 60,000 performance share units (PSUs) on March 7, 2025. The PSUs were awarded as a derivative (transaction code A) at $0.00 per unit (no cash paid at grant). If performance conditions are met, each PSU represents a contingent right to one share of common stock and, if earned, will vest 100% on March 7, 2028.

Key Details

• Transaction date and type: 2025-03-07 — Grant/Award of PSUs (code A).
• Quantity and price: 60,000 PSUs awarded at $0.00 (derivative award; no cash consideration at grant).
• Shares owned after transaction: Not disclosed in the Form 4 filing.
• Vesting/performance: PSUs measure performance from March 7, 2025 through March 7, 2028; if earned, they vest 100% on March 7, 2028.
• Performance Price definition (from filing): Based on 30-day average Nasdaq closing prices across two pricing periods—the 30-day average ending the day before the 2nd anniversary and the highest 30-day average during years 2–3.
• Timeliness: Filing was late; footnote says the delay was due to an inadvertent administrative oversight (filing timeliness = L).

Context
This is a compensation grant (not a market purchase or sale). PSUs are contingent awards whose ultimate value depends on future performance and the company’s stock price; they do not represent immediate cash or stock ownership until earned and vested. The late filing is noted but described as inadvertent in the footnote.