LQDA Liquidia Corporation

The Board of Directors (the “Board”) of Liquidia Corporation, a Delaware corporation (the “Company”), has previously adopted a non-employee director compensation policy comprised of cash compensation and equity compensation, as disclosed in the Company’s Registration Statement on Form S-4 (Reg. No. 333-240421) on page 150 under the section entitled “Directors and Officers of HoldCo Following Completion of the Merger Transaction – Director Compensation”. For fiscal 2021, each of the Company’s non-employee directors have agreed to a one-time waiver of the annual cash consideration payable to them for service on the Board and committees thereof, in an effort to further extend the Company’s cash runway. In lieu of such cash consideration, on March 24, 2021, the Company granted each of Drs. Stephen Bloch, Joanna Horobin and Roger Jeffs, Ms. Katie Rielly-Gauvin and Messrs. Arthur Kirsch, Paul Manning and Raman Singh non-qualified stock options to purchase 55,187, 35,872, 30,353, 35,182, 41,390, 21,385 and 25,524 shares of common stock, respectively, under the Liquidia Corporation 2020 Long-Term Incentive Plan, each option with an exercise price equal to $2.51 per share. Twenty-five percent of the option shares vested on March 24, 2021, with the remainder vesting in equal quarterly installments on each of June 30, 2021, September 30, 2021 and December 31, 2021, subject to each director’s continuous service as of each such date. Each current non-employee director will remain entitled to receive an annual option grant of 20,000 shares of common stock in 2021 pursuant to the Company’s non-employee director equity compensation policy.