Schundler Russell

SEC source: 0001104659-25-003476 · tm253294-6_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 589,871

F1 · kind: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F2 · shares: 25% of the RSUs shall vest on January 11, 2026 and the remaining RSUs shall vest ratably on a quarterly basis over three years thereafter.

F3 · balance_after: Includes (i) 52,083 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 82,601 unvested RSUs of the 110,135 RSUs granted to the Reporting Person on January 11, 2024 and (iii) 9,656 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-24-125247 · tm2430104-2_4seq1.xml · nonDerivative · entry 2

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 487,328

F4 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F5 · shares: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022.

F3 · balance_after: Includes (i) 58,594 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,135 RSUs granted to the Reporting Person on January 11, 2024, none of which have vested as of the date of this Form 4 and (iii) 9,656 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-24-125247 · tm2430104-2_4seq1.xml · derivative · entry 4

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 11,719

Underlying: Common Stock · 2,343 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.expiration_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

SEC source: 0001104659-24-125247 · tm2430104-2_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 488,391

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 25,781 have vested through November 30, 2024.

F1 · price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F3 · balance_after: Includes (i) 58,594 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,135 RSUs granted to the Reporting Person on January 11, 2024, none of which have vested as of the date of this Form 4 and (iii) 9,656 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-24-108769 · tm2426238-6_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 486,048

F1 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F2 · shares: These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 11, 2023.

F3 · balance_after: Includes (i) 58,594 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,135 RSUs granted to the Reporting Person on January 11, 2024, none of which have vested as of the date of this Form 4 and (iii) 9,656 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-24-096918 · tm2423338-4_4seq1.xml · nonDerivative · entry 2

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 488,624

F4 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F5 · shares: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022.

F3 · balance_after: Includes (i) 65,104 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,135 RSUs granted to the Reporting Person on January 11, 2024, none of which have vested as of the date of this Form 4 and (iii) 9,656 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-24-096918 · tm2423338-4_4seq1.xml · derivative · entry 4

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 14,062

Underlying: Common Stock · 2,344 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.expiration_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

SEC source: 0001104659-24-096918 · tm2423338-4_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 489,334

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 23,438 have vested through August 30, 2024.

F1 · price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F3 · balance_after: Includes (i) 65,104 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,135 RSUs granted to the Reporting Person on January 11, 2024, none of which have vested as of the date of this Form 4 and (iii) 9,656 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-24-079925 · tm2419492-3_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 485,676

F1 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F2 · shares: These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 11, 2023.

F3 · balance_after: Includes (i) 65,104 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,135 unvested RSUs granted to the Reporting Person on January 11, 2024, none of which have vested as of the date of this Form 4 and (iii) 8,342 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-24-068420 · tm2416451-2_4seq1.xml · nonDerivative · entry 2

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 487,661

F4 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F5 · shares: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022.

F3 · balance_after: Includes (i) 71,615 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,135 unvested RSUs granted to the Reporting Person on January 11, 2024, none of which have vested as of the date of this Form 4 and (iii) 8,342 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-24-068420 · tm2416451-2_4seq1.xml · derivative · entry 4

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 16,406

Underlying: Common Stock · 2,344 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.expiration_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

SEC source: 0001104659-24-068420 · tm2416451-2_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 488,371

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% vesting on February 28, 2023, with the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 21,904 have vested through May 31, 2024.

F1 · price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F3 · balance_after: Includes (i) 71,615 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,135 unvested RSUs granted to the Reporting Person on January 11, 2024, none of which have vested as of the date of this Form 4 and (iii) 8,342 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-24-047894 · tm2411915-6_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 486,027

F1 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F2 · shares: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 11, 2023.

F3 · balance_after: Includes (i) 71,615 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,135 unvested RSUs granted to the Reporting Person on January 11, 2024, none of which have vested as of the date of this Form 4 and (iii) 8,342 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-24-036349 · tm247887-7_4seq1.xml · nonDerivative · entry 3

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 488,087

F4 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F6 · shares: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 11, 2023.

F3 · balance_after: Includes (i) 78,125 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,135 unvested RSUs granted to the Reporting Person on January 11, 2024, none of which have vested as of the date of this Form 4 and (iii) 8,342 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-24-036349 · tm247887-7_4seq1.xml · nonDerivative · entry 2

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 496,025

F4 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F5 · shares: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022.

F3 · balance_after: Includes (i) 78,125 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,135 unvested RSUs granted to the Reporting Person on January 11, 2024, none of which have vested as of the date of this Form 4 and (iii) 8,342 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-24-036349 · tm247887-7_4seq1.xml · derivative · entry 5

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 18,750

Underlying: Common Stock · 2,344 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.expiration_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

SEC source: 0001104659-24-036349 · tm247887-7_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 496,740

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% vesting on February 28, 2023, with the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 18,750 have vested through March 15, 2024.

F1 · price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F3 · balance_after: Includes (i) 78,125 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,135 unvested RSUs granted to the Reporting Person on January 11, 2024, none of which have vested as of the date of this Form 4 and (iii) 8,342 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-24-004156 · tm243427-6_4seq1.xml · derivative · entry 3

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 60,135

Underlying: Common Stock · 60,135 shares

Expires not disclosed

F5 · derivative.exercise_price: Each performance stock unit ("PSU") converts into one share of the Issuer's common stock.

F6 · derivative.exercise_date: On January 11, 2024, the Reporting Person was granted 60,135 PSUs. The PSUs shall vest upon the later of (A) the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter and (B) the first commercial sale of YUTREPIA by the Issuer.

F6 · derivative.expiration_date: On January 11, 2024, the Reporting Person was granted 60,135 PSUs. The PSUs shall vest upon the later of (A) the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter and (B) the first commercial sale of YUTREPIA by the Issuer.

SEC source: 0001104659-24-004156 · tm243427-6_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 492,611

F1 · kind: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F2 · shares: 25% of the RSUs shall vest on January 11, 2025 and the remaining RSUs shall vest ratably on a quarterly basis over three years thereafter.

F4 · balance_after: Includes (i) 104,167 RSUs granted to the Reporting Person on January 11, 2023 and (ii) 6,557 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-23-123733 · tm2332275d2_4seq1.xml · derivative · entry 3

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,094

Underlying: Common Stock · 2,343 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F1 · derivative.exercise_date: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F1 · derivative.expiration_date: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

SEC source: 0001104659-23-123733 · tm2332275d2_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 382,476

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% vesting on February 28, 2023, with the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 16,406 have vested through November, 2023.

F1 · price: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F4 · balance_after: Includes (i) 104,167 RSUs granted to the Reporting Person on January 11, 2023, none of which have vested as of the date of this Form 4 and (ii) 6,557 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-23-098425 · tm2325564-3_4seq1.xml · derivative · entry 3

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 290,466

Underlying: Common Stock · 2,344 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F1 · derivative.exercise_date: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F1 · derivative.expiration_date: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

SEC source: 0001104659-23-098425 · tm2325564-3_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 380,133

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% vesting on February 28, 2023, with the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 14,063 have vested through August 31, 2023.

F1 · price: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F4 · balance_after: Includes (i) 104,167 RSUs granted to the Reporting Person on January 11, 2023, none of which have vested as of the date of this Form 4 and (ii) 1,819 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan on August 31, 2023.

SEC source: 0001104659-23-067644 · tm2317720-3_4seq1.xml · derivative · entry 3

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 25,781

Underlying: Common Stock · 2,344 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F1 · derivative.exercise_date: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F1 · derivative.expiration_date: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

SEC source: 0001104659-23-067644 · tm2317720-3_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 375,970

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% vesting on February 28, 2023, with the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 11,719 have vested through May 31, 2023.

F1 · price: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F4 · balance_after: Includes (i) 104,167 RSUs granted to the Reporting Person on January 11, 2023, none of which have vested as of the date of this Form 4 and (ii) 4,738 shares previously acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-23-028108 · tm238435-1_4seq1.xml · derivative · entry 3

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,125

Underlying: Common Stock · 9,375 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F1 · derivative.exercise_date: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F1 · derivative.expiration_date: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

SEC source: 0001104659-23-028108 · tm238435-1_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 373,626

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% vesting on February 28, 2023, and the remaining RSUs will vest ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 9,375 have vested through February 28, 2023.

F1 · price: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F4 · balance_after: Includes (i) 104,167 RSUs granted to the Reporting Person on January 11, 2023, none of which have vested as of the date of this Form 4 and (ii) 2,572 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan on February 28, 2023.

SEC source: 0001104659-23-003879 · tm232332-2_4seq1.xml · derivative · entry 3

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 133,547

Underlying: Common Stock · 133,547 shares

Expires 2033-01-11

F4 · derivative.exercise_date: The options will vest ratably on a monthly basis over four years with the first vesting date to occur on February 11, 2023 and on the last day of each month thereafter.

SEC source: 0001104659-23-003879 · tm232332-2_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 361,679

F1 · kind: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F2 · shares: 25% of the RSUs shall vest on January 11, 2024 and the remaining RSUs shall vest ratably on a quarterly basis over three years thereafter.

SEC source: 0001104659-22-098327 · tm2225428-2_4seq1.xml · nonDerivative · entry 2

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 257,512

SEC source: 0001104659-22-098327 · tm2225428-2_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 225,512

SEC source: 0001104659-22-097133 · tm2225015-5_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 224,912

SEC source: 0001104659-23-043608 · tm2311744-1_4aseq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 224,912

F2 · shares: This amendment is being filed solely to add this footnote 2. These shares of common stock were acquired on August 31, 2022 through the Liquidia Corporation 2020 Employee Stock Purchase Plan in a transaction that was exempt under both Rule 16b-3(d) and Rule 16b-3(c).

SEC source: 0001104659-22-084863 · tm2222301-4_4seq1.xml · derivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 150,000

Underlying: Common Stock · 150,000 shares

Expires 2032-07-28

F1 · derivative.exercise_date: The options will vest ratably on a monthly basis over four years with the first vesting date to occur on August 31, 2022, and on the last day of each month thereafter.

SEC source: 0001104659-22-047873 · tm2213052-5_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 222,746

F1 · acquired: On March 31, 2022, 2,158 shares of the Issuer's common stock which were previously subject to a holdback pursuant to the terms of the merger agreement for Issuer's acquisition of RareGen, LLC ("RareGen") were released to the Reporting Person. The merger agreement provided that certain shares of the Issuer's common stock issuable to members of RareGen at the closing of the transaction would be held back as partial security for the benefit of the Issuer with respect to any indemnifiable damages pursuant to the indemnification obligations of the members of RareGen. The shares would subsequently be released for no additional consideration, subject to the cancellation of shares of the Issuer's common stock in connection with any such indemnifiable damages.

SEC source: 0001104659-22-005472 · tm221559-5_4seq1.xml · derivative · entry 2

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 75,000

Underlying: Common Stock · 75,000 shares

Expires 2032-01-16

F3 · derivative.exercise_date: The options will vest ratably on a monthly basis over four years with the first vesting date to occur on February 28, 2022 and on the last day of each month thereafter.

SEC source: 0001104659-22-005472 · tm221559-5_4seq1.xml · derivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,500

Underlying: Common Stock · 37,500 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

F2 · derivative.exercise_date: 25% of the RSUs shall vest on February 28, 2023 and the remaining RSUs shall vest ratably on a quarterly basis over three years thereafter.

F2 · derivative.expiration_date: 25% of the RSUs shall vest on February 28, 2023 and the remaining RSUs shall vest ratably on a quarterly basis over three years thereafter.

SEC source: 0001104659-21-137081 · tm2132597-1_4seq1.xml · nonDerivative · entry 3

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 220,588

SEC source: 0001104659-21-137081 · tm2132597-1_4seq1.xml · nonDerivative · entry 2

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 160,588

SEC source: 0001104659-21-137081 · tm2132597-1_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 120,688

SEC source: 0001104659-21-095511 · tm2123135-6_4seq1.xml · derivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

Underlying: Common Stock · 10,000 shares

Expires 2031-07-21

F1 · derivative.exercise_date: The option vests over a four-year period with 25% of the shares of common stock underlying the option vesting on the one-year anniversary of the grant date and the remaining 75% of the shares of common stock underlying the option vesting in equal monthly installments thereafter, becoming fully vested on July 21, 2025; provided, however, that notwithstanding the foregoing vesting schedule, 50% of the shares of common sock underlying the option will vest upon U.S. Food and Drug Administration (FDA) tentative approval of the Issuer's New Drug Application for LIQ861.

SEC source: 0001104659-21-069361 · tm2116961-1_4seq1.xml · nonDerivative · entry 3

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Indirect · By Spouse

Disclosed balance after: 14,500

F1 · balance_after: The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.

SEC source: 0001104659-21-069361 · tm2116961-1_4seq1.xml · nonDerivative · entry 2

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 102,680

SEC source: 0001104659-21-069361 · tm2116961-1_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 61,053

SEC source: 0001104659-21-044804 · tm2111407-2_4seq1.xml · derivative · entry 1

Schundler Russell · CIK 0001854414 · Director · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 200,000

Underlying: Common Stock · 200,000 shares

Expires 2031-03-29

F1 · derivative.exercise_date: The option vests over a four-year period with 25% of the shares of common stock underlying the option vesting on the one-year anniversary of the grant date and the remaining 75% of the shares of common stock underlying the option vesting in equal monthly installments thereafter, becoming fully vested on March 29, 2025.