Aquestive (AQST) COO awarded 60,000 PSUs tied to 2025–2028 share performance

Rhea-AI Filing Summary

Jung Cassie reported acquisition or exercise transactions in this Form 4 filing.

Aquestive Therapeutics Chief Operating Officer Cassie Jung received a grant of 60,000 Performance Stock Units (PSUs), each tied to one share of common stock. The PSUs measure performance from March 7, 2025 through March 7, 2028 and, if earned, vest 100% on March 7, 2028.

The award’s payout depends on the company’s share price over two multi-year periods, using defined 30‑day average Nasdaq closing prices. After this grant, Jung directly holds 60,000 PSUs, and there were no reported open‑market buys or sells in this filing.

Insights

Equity compensation analyst

Routine PSU grant aligns COO incentives with three-year share performance.

The filing shows 60,000 PSUs granted to COO Cassie Jung as compensation. Each PSU can convert into one common share if performance conditions are met, linking a meaningful portion of her pay directly to long-term stock performance through March 7, 2028.

The award uses a “Performance Price” based on 30-day average Nasdaq closing prices over two periods, which encourages sustained price strength rather than short-term spikes. There are no open-market trades here, only a grant, so this is best viewed as standard incentive alignment rather than a directional signal on the stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Jung Cassie

Role Chief Operating Officer

Type	Security	Shares	Price	Value
Grant/Award	Performance Stock Units	60,000	$0.00	--

Holdings After Transaction: Performance Stock Units — 60,000 shares (Direct)

Footnotes (1)

1. This Form 4 was filed late due to an inadvertent administrative oversight. Each PSU represents a contingent right to receive one share of the Company's common stock. The PSUs measure performance from March 7, 2025 (Grant Date) through March 7, 2028 and, if earned, vest 100% on March 7, 2028. "Performance Price" means (i) the 30-day average Nasdaq closing price ending on the last day of the period from the Grant Date through the day before the second anniversary (First Pricing Period) and (ii) the highest 30-day average Nasdaq closing price during the period from the second through the third anniversary (Second Pricing Period).

Key Figures

PSUs granted: 60,000 units Underlying shares: 60,000 shares Exercise price: $0.00 per unit +3 more

6 metrics

PSUs granted 60,000 units Performance Stock Units granted on March 7, 2025

Underlying shares 60,000 shares Each PSU equals one share of common stock

Exercise price $0.00 per unit Conversion or exercise price for PSUs

Vesting date March 7, 2028 PSUs vest 100% on this date if earned

Performance period start March 7, 2025 Grant Date and start of performance measurement

Performance period end March 7, 2028 End of PSU performance measurement period

Key Terms

Performance Stock Units, Performance Price, 30-day average Nasdaq closing price, Grant Date, +1 more

5 terms

Performance Stock Units financial

"Each PSU represents a contingent right to receive one share of the Company's common stock."

Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.

Performance Price financial

""Performance Price" means (i) the 30-day average Nasdaq closing price ending on the last day of the period..."

30-day average Nasdaq closing price financial

"Performance Price means (i) the 30-day average Nasdaq closing price ending on the last day of the period..."

Grant Date financial

"The PSUs measure performance from March 7, 2025 (Grant Date) through March 7, 2028..."

The grant date is the day a company formally gives an employee or contractor the right to receive stock-based compensation, such as stock options or restricted shares. It matters to investors because it fixes key terms—like the price, the start of the ownership clock, and when the award will affect the company’s financial statements and share count—so it can influence dilution, reported expenses, and potential future selling pressure.

anniversary financial

"during the period from the second through the third anniversary (Second Pricing Period)."

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Jung Cassie

(Last) (First) (Middle)

C/O AQUESTIVE THERAPEUTICS, INC.

30 TECHNOLOGY DRIVE

(Street)

WARREN NEW JERSEY 07059

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Aquestive Therapeutics, Inc. [ AQST ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/07/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Stock Units(1)	(2)	03/07/2025		A		60,000		(2)	03/07/2028	Common Stock	60,000	$0	60,000	D

Explanation of Responses:

1. This Form 4 was filed late due to an inadvertent administrative oversight.

2. Each PSU represents a contingent right to receive one share of the Company's common stock. The PSUs measure performance from March 7, 2025 (Grant Date) through March 7, 2028 and, if earned, vest 100% on March 7, 2028. "Performance Price" means (i) the 30-day average Nasdaq closing price ending on the last day of the period from the Grant Date through the day before the second anniversary (First Pricing Period) and (ii) the highest 30-day average Nasdaq closing price during the period from the second through the third anniversary (Second Pricing Period).

Remarks:

	/s/ Lori Braender, as Attorney-In-Fact	04/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Aquestive Therapeutics (AQST) report in this Form 4 for Cassie Jung?

Aquestive reported that COO Cassie Jung received a grant of 60,000 Performance Stock Units (PSUs). Each PSU represents a contingent right to receive one share of common stock if multi-year performance conditions through March 7, 2028 are achieved.

How do the Performance Stock Units granted to AQST’s COO vest?

The PSUs granted to AQST’s COO vest 100% on March 7, 2028, but only if performance goals are met. The units measure company share-price performance over the period from March 7, 2025 through March 7, 2028 before any shares are actually delivered.

What is the "Performance Price" in Aquestive (AQST) COO’s PSU award?

The Performance Price is based on 30-day average Nasdaq closing prices over two periods. It uses one average ending just before the second anniversary and the highest 30-day average between the second and third anniversaries to determine whether the PSUs are earned.

Did Aquestive Therapeutics’ COO buy or sell common stock in this Form 4?

No, the Form 4 does not show any open-market buys or sells of common stock. It reports only a grant of 60,000 Performance Stock Units, which are derivative awards that may convert into shares in the future if performance conditions are satisfied.

How many Performance Stock Units does AQST COO Cassie Jung hold after this grant?

After this reported grant, COO Cassie Jung holds 60,000 Performance Stock Units directly. Each unit represents a contingent right to receive one share of common stock, subject to meeting the defined performance criteria through March 7, 2028.