Form 4: Liquidia Director David Johnson Granted Restricted Stock Units, Bolstering Stake

David Johnson, a Director and 10% owner of Liquidia Corp, was granted 18,396 restricted stock units, increasing his beneficial ownership in the company.

Summary

• David Johnson, a Director and 10% owner of Liquidia Corp, was granted 18,396 Restricted Stock Units (RSUs) on June 17, 2025.
• These RSUs convert into Common Stock on a one-for-one basis.
• The RSUs will vest upon the earlier of the one-year anniversary of the grant date or the day prior to Liquidia's next annual shareholder meeting following the grant date.
• Following this transaction, Mr. Johnson directly beneficially owns 38,755 shares of Common Stock.
• Additionally, 8,118,592 shares are indirectly beneficially owned through Caligan Funds and Accounts, for which Caligan Partners LP serves as investment manager, and Mr. Johnson is a Managing Partner.

Sentiment

Score: 7

Explanation: The grant of restricted stock units to a director is a positive signal of alignment between management and shareholder interests, and a standard compensation practice. It does not indicate any negative operational or financial issues.

Positives

• The grant of Restricted Stock Units to a director aligns management's interests with shareholders, incentivizing long-term performance.
• Increases the director's direct beneficial ownership in the company, demonstrating commitment.

Industry Context

This Form 4 filing details a routine insider transaction, specifically the grant of restricted stock units to a director. Such grants are common practice across industries to align the interests of company leadership with those of shareholders, providing an incentive for long-term performance.

Related Party Transactions

• The indirect beneficial ownership of 8,118,592 shares by David Johnson through Caligan Funds and Accounts, where Caligan Partners LP serves as investment manager and Mr. Johnson is a Managing Partner, represents a related party holding.

Stakeholder Impact

• Shareholders: The RSU grant aligns the director's interests with shareholders, potentially leading to better long-term performance.

Next Steps

• The 18,396 Restricted Stock Units are expected to vest upon the earlier of June 17, 2026, or the day prior to Liquidia's next annual shareholder meeting following the grant date.
• Upon vesting, the RSUs will convert into shares of Liquidia Common Stock.

Key Dates

Keywords

Liquidia Corp, LQDA, SEC Form 4, Insider Trading, Restricted Stock Units, RSU Grant, Beneficial Ownership, Director Compensation, Caligan Partners LP, David Johnson