Boyd Peter E. 4

What Happened
Peter E. Boyd, Chief People Officer of Aquestive Therapeutics (AQST), received a grant of 60,000 performance stock units (PSUs) on March 7, 2025. The Form 4 reports the award as a derivative acquisition at $0.00 per unit (transaction code A). This was an equity award, not a cash purchase or sale, and does not represent immediate ownership of common shares until vesting conditions are met.

Key Details

• Transaction date: 2025-03-07; Form 4 filed: 2026-04-13 (late filing; footnote F1 cites an inadvertent administrative oversight).
• Grant: 60,000 PSUs (derivative award) at $0.00 per unit; reported acquisition value $0.
• Shares owned after transaction: not disclosed in the filing.
• Footnote F2 (PSU terms): each PSU is a contingent right to one common share; performance measured from March 7, 2025 through March 7, 2028; if earned, 100% vests on March 7, 2028. "Performance Price" uses 30-day average Nasdaq prices over defined measurement periods (see filing).
• Transaction code: A = Award/Grant; timeliness indicator: L (late).

Context
PSUs are contingent awards that vest only if performance conditions are met over the specified multi-year period; they do not represent immediately tradable shares. Awards are common as part of executive compensation and are different from open-market purchases (which can signal personal conviction). The late filing is an administrative matter noted in the Form 4; it does not change the nature of the grant but delays public disclosure.