Liquidia Corporation Announces Chief Executive Officer Transition - Seite 2

“I am excited to join Liquidia during this critical time in the Company’s history. The convenience, ease-of-use, and portability of LIQ861 would be meaningful for the PAH community, and it is our priority to respond fully and promptly to the FDA’s CRL. We will continue to build the parenteral treprostinil business that was acquired from RareGen and look for value creating opportunities with our PRINT technology and pipeline,” said Damian deGoa, Chief Executive Officer of Liquidia Corporation. “I want to thank Neal for his steady-hand and leadership. His contributions have helped build the foundation for the Company. I wish him well in his retirement.”

Mr. deGoa holds a Bachelor of Arts in Economics and Philosophy from the University of Michigan and a Master’s in Business Administration in Finance from DePaul University.

In connection with Mr. deGoa’s appointment as Chief Executive Officer, Mr. deGoa was granted a nonstatutory stock option to purchase up to 2,000,000 shares of the Company’s common stock, $0.001 par value per share (“Common Stock”), having an exercise price per share equal to the closing price of the Common Stock on the Nasdaq Stock Market LLC on December 14, 2020 (the “Option”). The Option was granted outside of the Company’s 2020 Long-Term Incentive Plan as an inducement material to his acceptance of employment with the Company. The Option contains the following vesting terms: 25% of the shares of Common Stock underlying the Option will vest on December 14, 2021 and the remainder will vest in equal monthly installments thereafter subject to Mr. deGoa’s continuous service to Liquidia through the applicable vesting date, becoming fully vested on December 14, 2024; provided, however, that, notwithstanding the foregoing vesting schedule, (i) 25% of the then-unvested shares of Common Stock underlying the Option will vest upon the achievement of a certain regulatory milestone and (ii) 25% of the then-unvested shares of Common Stock underlying the Option will vest upon the achievement of a certain commercial milestone; provided, further, that upon a change in control (as defined in the accompanying Nonstatutory Stock Option Agreement) 100% of the unvested portion of the Option shall become vested and exercisable as of the date of the change in control provided that Mr. deGoa is actively employed by Liquidia on such date. Additionally, in the event Mr. deGoa is terminated by Liquidia without “Cause” or Mr. deGoa terminates his employment for “Good Reason” (as such terms are defined in Mr. deGoa’s employment agreement with Liquidia), the number of shares of Common Stock subject to the Option that would have vested during the 12-month severance period shall vest as if Mr. deGoa was actively employed by Liquidia during such period. The Option was approved by the Compensation Committee of the Company’s Board of Directors in compliance with and in reliance on Nasdaq Listing Rule 5635(c)(4).