0001235468-21-000024.txt : 20210120 0001235468-21-000024.hdr.sgml : 20210120 20210120160712 ACCESSION NUMBER: 0001235468-21-000024 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20210118 FILED AS OF DATE: 20210120 DATE AS OF CHANGE: 20210120 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: 21538824 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_161117681689019.xml FORM 4 X0306 4 2021-01-18 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 Chief Legal Officer & Corp Sec Common Stock 2021-01-18 4 M 0 384 0 A 49828 D Common Stock 2021-01-18 4 M 0 2610 0 A 52438 D Common Stock 2021-01-18 4 M 0 6333 0 A 58771 D Employee Stock Grant 2020-09-30 Common Stock 3806.0 3806 D Employee Stock Option 8.3 2026-10-01 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 7296.0 7296 D Employee Stock Option 4.47 2027-10-01 Common Stock 2533.0 2533 D Employee Stock Grant 2021-01-18 4 M 0 744 0 D 2021-10-01 Common Stock 744.0 0 D Employee Stock Grant 2021-10-01 Common Stock 310.0 310 D Employee Stock Option 6.11 2028-10-01 Common Stock 31150.0 31150 D Employee Stock Grant 2021-01-18 4 M 0 5050 0 D 2023-01-01 Common Stock 5050.0 0 D Employee Stock Option 6.11 2028-10-01 Common Stock 18494.0 18494 D Employee Stock Grant 2023-01-01 Common Stock 2525.0 2525 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 2021-01-18 4 M 0 12250 0 D 2024-01-01 Common Stock 12250.0 0 D Employee Stock Grant 2024-01-01 Common Stock 9187.0 9187 D Employee Stock Option 9.46 2030-12-01 Common Stock 42400.0 42400 D Employee Stock Option 9.46 2030-12-01 Common Stock 42400.0 42400 D Employee Stock Grant 2025-01-01 Common Stock 7650.0 7650 D Employee Stock Grant 2025-01-01 Common Stock 7650.0 7650 D Represents the net issuance of 384 shares from the vesting of 744 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 360 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. Represents the net issuance of 2,610 shares from the vesting of 5,050 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 2,440 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. Represents the net issuance of 6,333 shares from the vesting of 12,250 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 5,917 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. These restricted stock units will vest, if at all, based on the Issuer's achievement of certain financial milestones. These options became fully exercisable on October 1, 2020. These options become exercisable, if at all, based on the issuer's achievement of certain financial milestones. These options become 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 vested on January 1, 2019 and thereafter, an additional 1/48th vests each month for thirty-three months. Represents the vesting of restricted stock units. 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 unit grant vested on January 1, 2019 and thereafter, an additional 1/4th vests on each of October 1, 2019, October 1, 2020, and October 1, 2021. 15/48th of this option grant vested on January 1, 2020 and thereafter, an additional 1/48th vests each month for thirty-three months. Twenty-five percent of this restricted stock unit grant vested on January 1, 2020 and thereafter, an additional 1/4th vests on each of January 1, 2021, January 1, 2022, and January 1, 2023. 12/48th of this option grant vested on January 1, 2021 and thereafter, an additional 1/48th vests each month for thirty-six months. Twenty-five percent of this restricted stock unit grant vested on January 1, 2021 and thereafter, an additional 1/4th vests on each of January 1, 2022, January 1, 2023 and January 1, 2024. 12/48th of this option grant will vest on January 1, 2022 and thereafter, an additional 1/48th will vest each month for thirty-six months. This option becomes exercisable, if at all, based on the Issuer's achievement of certain stock price appreciation milestones. These restricted stock units vest, if at all, based on the Issuer's achievement of certain stock price appreciation milestones. Twenty-five percent of this restricted stock unit grant will vest on January 1, 2022 and thereafter, an additional 1/4th will vest on each of January 1, 2023, January 1, 2024 and January 1, 2025. /s/ Mark A. Shaffer 2021-01-20