0001235468-20-000017.txt : 20200106 0001235468-20-000017.hdr.sgml : 20200106 20200106164340 ACCESSION NUMBER: 0001235468-20-000017 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20200102 FILED AS OF DATE: 20200106 DATE AS OF CHANGE: 20200106 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Shaffer Mark A CENTRAL INDEX KEY: 0001677053 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 000-51813 FILM NUMBER: 20510355 MAIL ADDRESS: STREET 1: C/O LIQUIDITY SERVICES, INC. STREET 2: 1920 L STREET, N.W., 6TH FLOOR CITY: WASHINGTON STATE: DC ZIP: 20036 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: LIQUIDITY SERVICES INC CENTRAL INDEX KEY: 0001235468 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 522209244 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 BUSINESS ADDRESS: STREET 1: 6931 ARLINGTON ROAD STREET 2: SUITE 200 CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 2024676868 MAIL ADDRESS: STREET 1: 6931 ARLINGTON ROAD STREET 2: SUITE 200 CITY: BETHESDA STATE: MD ZIP: 20814 4 1 wf-form4_157834700278135.xml FORM 4 X0306 4 2020-01-02 0 0001235468 LIQUIDITY SERVICES INC LQDT 0001677053 Shaffer Mark A C/O LIQUIDITY SERVICES, INC. 6931 ARLINGTON ROAD, SUTIE 200 BETHESDA MD 20814 0 1 0 0 VP, Gen. Counsel & Secretary Common Stock 2020-01-02 4 M 0 603 0 A 17248 D Employee Stock Grant 2020-07-01 Common Stock 3750.0 3750 D Employee Stock Grant 2020-10-01 Common Stock 2212.0 2212 D Employee Stock Grant 2026-10-01 Common Stock 8850.0 8850 D Employee Stock Option 8.3 2020-10-01 Common Stock 5250.0 5250 D Employee Stock Option 8.3 2026-10-01 Common Stock 5250.0 5250 D Employee Stock Option 4.47 2027-10-01 Common Stock 18240.0 18240 D Employee Stock Option 4.47 2021-10-01 Common Stock 12160.0 12160 D Employee Stock Grant 2027-10-01 Common Stock 744.0 744 D Employee Stock Grant 2021-10-01 Common Stock 620.0 620 D Employee Stock Option 6.11 2028-10-01 Common Stock 31150.0 31150 D Employee Stock Grant 2028-10-01 Common Stock 5050.0 5050 D Employee Stock Option 6.11 2022-10-01 Common Stock 31150.0 31150 D Employee Stock Grant 2020-01-02 4 M 0 1263 0 D 2022-10-01 Common Stock 5050.0 3787 D Employee Stock Option 6.69 2029-12-03 Common Stock 29200.0 29200 D Employee Stock Option 6.69 2029-12-03 Common Stock 29200.0 29200 D Employee Stock Grant 2024-01-01 Common Stock 12250.0 12250 D Employee Stock Grant 2024-01-01 Common Stock 12250.0 12250 D Represents the net issuance of 603 shares from the vesting of 1,263 restricted stock units from which the federal and state withholding due at the vesting of such restricted stock units was satisfied by the issuer withholding 660 shares. The reporting person relinquished the shares and the issuer cancelled the shares and returned them to treasury in exchange for remitting federal and state tax withholding obligations of the reporting person resulting from the vesting of restricted stock units. Shares withheld represent an exempt transaction pursuant to Section 16b-3(e). No shares were sold by the reporting person. Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock. Twenty-five percent of this restricted stock grant vested on July 1, 2017 and thereafter 1/4 of the restricted stock grant will vest on July 1 of each year for three years. Twenty-five percent of this restricted stock grant vested on April 1, 2018 and thereafter 1/4th of the restricted stock grant will vest on each of October 1, 2018, October 1, 2019, and October 1, 2020. These restricted stock units will vest, if at all, based on the Issuer's achievement of certain financial milestones. 18/48th of this option grant will vest on April 1, 2018 and thereafter 1/48th of the option grant will vest each month for thirty months. This option becomes exercisable, if at all, based on the Issuer's achievement of certain financial milestones. This option becomes exercisable, if at all, based on total shareholder return (TSR) milestones. TSR is calculated based on the change in a the issuer's stock price during the performance period, taking into account any dividends paid during that period, which are assumed to be reinvested in the stock 15/48th of this option grant will vest on January 1, 2019 and thereafter 1/48th of the option grant will vest each month for thirty three months. These restricted stock units vest, if at all, based on total shareholder return (TSR) milestones. TSR is calculated based on the change in a the issuer's stock price during the performance period, taking into account any dividends paid during that period, which are assumed to be reinvested in the stock. Twenty-five percent of this restricted stock grant vested on January 1, 2019 and thereafter 1/4th of the restricted stock grant will vest on each October 1, 2019, October 1, 2020, and October 1, 2021. 15/48th of this option grant will vest on January 1, 2020 and thereafter 1/48th of the option grant will vest each month for thirty three months. Represents the vesting of restricted stock. Twenty-five percent of this restricted stock grant will vest on January 1, 2020 and thereafter 1/4th of the restricted stock grant will vest on each October 1, 2020, October 1, 2021, and October 1, 2022. 12/48th of this option grant will vest on January 1, 2021 and, thereafter, 1/48th of the option grant will vest each month for thirty-six months. Twenty-five percent of this restricted stock grant will vest on January 1, 2021 and thereafter 1/4th of the restricted stock grant will vest on each of January 1, 2022, January 1, 2023 and January 1, 2024. /s/ Mark A. Shaffer 2020-01-06