0001235468-22-000111.txt : 20220815 0001235468-22-000111.hdr.sgml : 20220815 20220815181714 ACCESSION NUMBER: 0001235468-22-000111 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20220812 FILED AS OF DATE: 20220815 DATE AS OF CHANGE: 20220815 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: 221167569 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_166059875717610.xml FORM 4 X0306 4 2022-08-12 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 2022-08-12 4 M 0 2280 4.47 A 42001 D Common Stock 2022-08-12 4 M 0 9734 6.11 A 51735 D Common Stock 2022-08-12 4 M 0 4866 6.69 A 56601 D Common Stock 2022-08-12 4 M 0 378 9.46 A 56979 D Common Stock 2022-08-12 4 F 0 5499 19.24 D 51480 D Common Stock 2022-08-12 4 M 0 11087 9.46 A 62567 D Common Stock 2022-08-12 4 S 0 11087 19.45 D 51480 D Common Stock 2022-08-12 4 M 0 1430 6.69 A 52910 D Common Stock 2022-08-12 4 M 0 4294 9.46 A 57204 D Common Stock 2022-08-12 4 S 0 5724 19.43 D 51480 D Common Stock 2022-08-15 4 S 0 24722 19.42 D 26758 D Employee Stock Grant 2020-09-30 Common Stock 3806.0 3806 D Employee Stock Option 4.47 2022-08-12 4 M 0 2280 0 D 2027-12-11 Common Stock 2280.0 0 D Employee Stock Option 6.11 2022-08-12 4 M 0 9734 0 D 2028-12-04 Common Stock 12979.0 3245 D Employee Stock Grant 2023-01-01 Common Stock 1262.0 1262 D Employee Stock Option 6.69 2022-08-12 4 M 0 9125 0 D 2029-12-03 Common Stock 19467.0 10342 D Employee Stock Grant 2024-01-01 Common Stock 6125.0 6125 D Employee Stock Option 9.46 2022-08-12 4 M 0 16783 0 D 2030-12-01 Common Stock 42400.0 25617 D Employee Stock Option 9.46 2022-08-12 4 M 0 42400 0 D 2030-12-01 Common Stock 42400.0 0 D Employee Stock Grant 2025-01-01 Common Stock 5737.0 5737 D Employee Stock Option 22.2 2031-12-07 Common Stock 7740.0 7740 D Employee Stock Option 22.2 2031-12-07 Common Stock 7740.0 7740 D Employee Stock Grant 2026-01-01 Common Stock 8720.0 8720 D Employee Stock Grant 2026-01-01 Common Stock 8720.0 8720 D This transaction reflects an exercise of 2,280 options (the "2017 Options") granted under the Liquidity Services, Inc. Third Amended and Restated 2006 Omnibus Long-Term Incentive Plan (as amended, the "Plan") and that certain Stock Option Agreement, dated December 11, 2017, by and between the issuer and the reporting person. This transaction reflects an exercise of 9,734 options (the "2018 Options") granted under the Plan and that certain Stock Option Agreement, dated December 4, 2018, by and between the issuer and the reporting person. This transaction reflects an exercise of 4,866 options (the "2019 Options") granted under the Plan and that certain Stock Option Agreement, dated December 3, 2019 (the "2019 Agreement"), by and between the issuer and the reporting person. This transaction reflects an exercise of 378 options (the "2020 Options") granted under the Plan and that certain Stock Option Agreement, dated December 1, 2020 (the "2020 Agreement"), by and between the issuer and the reporting person. The reporting person surrendered 5,499 shares with a market value of $105,795.76 to the issuer to pay the cost of the 2017 Options, the 2018 Options, the 2019 Options and the 2020 Options. This transaction reflects an exercise of 42,400 options granted under the Plan and the 2020 Agreement. The issuer withheld 31,313 shares to cover the cost of the options and taxes and 11,087 shares were acquired by the reporting person. This transaction reflects an exercise of 4,259 options granted under the Plan and the 2019 Agreement. The issuer withheld 2,829 shares to cover the cost of the options and taxes and 1,430 shares were acquired by the reporting person. This transaction reflects an exercise of 16,405 options granted under the Plan and the 2020 Agreement. The issuer withheld 12,111 shares to cover the cost of the options and taxes and 4,294 shares were acquired 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 are fully exercisable. 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 vested on January 1, 2022 and thereafter, an additional 1/48th will vest each month for thirty-six months. Twenty-five percent of this restricted stock unit grant vested 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. These options become exercisable, if at all, based on the Issuer's achievement of certain stock price appreciation milestones. 12/48th of this option grant will vest on January 1, 2023 and thereafter, an additional 1/48th will vest each month for thirty-six months. 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, 2023 and thereafter, an additional 1/4th will vest on each of January 1, 2024, January 1, 2025 and January 1, 2026. /s/ Mark A. Shaffer 2022-08-15