Manning Paul B 4

What Happened

• Paul B. Manning, a director of Liquidia Corp (LQDA), reported a change in form of ownership on Feb 11, 2026. The filing shows 55,116 shares reported as disposed from the PBM 2024 Grantor Retained Annuity Trust (GRAT) and 55,116 shares reported as acquired directly, both at $42.63 per share (transaction value $2,349,595). The exchange was a withdrawal of shares from the GRAT in exchange for cash, resulting in fewer shares held indirectly and more held directly by Manning. The filing cites Rule 16a-13, so this is an exempt change in the form of beneficial ownership rather than an open-market buy or sell.

Key Details

• Transaction date: Feb 11, 2026; reported Feb 12, 2026 (timely)
• Price per share: $42.63; amount: 55,116 shares; reported value: $2,349,595
• Net effect: 55,116 shares moved from PBM 2024 GRAT indirect ownership to Manning’s direct ownership
• Notable footnotes: (F1) withdrawal from PBM 2024 GRAT; (F2) Manning is trustee with sole voting/investment power for shares in the GRAT; (F3) filing notes 375,712 shares were distributed to Manning to satisfy an annuity obligation; other footnotes describe additional holdings/management roles
• Shares owned after transaction: filing does not list a single total; it documents the shift of 55,116 shares from indirect to direct ownership

Context

• This filing reflects a reclassification of ownership (conversion from trust/indirect to direct) and is exempt under Rule 16a-13, so it should not be read as a routine market sale or purchase. Such form changes are typically administrative and do not necessarily signal insider sentiment.