SEC FORM 4 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
 
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Shaffer Mark A

(Last) (First) (Middle)
6931 ARLINGTON ROAD SUITE 200

(Street)
BETHESDA MD 20814

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
LIQUIDITY SERVICES INC [ LQDT ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
CLO & Corp Sec
3. Date of Earliest Transaction (Month/Day/Year)
01/02/2024
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Rule 10b5-1(c) Transaction Indication

  
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
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
Common Stock 01/02/2024 M(1) 2,083 A $0.00 34,256 I By The Mark A. Shaffer Revocable Trust
Common Stock 01/02/2024 M(2) 1,301 A $0.00 35,557 I By The Mark A. Shaffer Revocable Trust
Common Stock 01/02/2024 M(3) 1,483 A $0.00 37,040 I By The Mark A. Shaffer Revocable Trust
Common Stock 01/02/2024 M(4) 2,202 A $0.00 39,242 I By The Mark A. Shaffer Revocable Trust
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
Stock Option Grant $6.11 (5) 12/04/2028 Common Stock 3,245 3,245 D
Stock Option Grant $6.69 (6) 12/03/2029 Common Stock 10,342 10,342 D
Restricted Stock Unit Grant (7) 01/02/2024 M(8) 3,062 (9) 01/01/2024 Common Stock 3,062 $0.00 0 D
Stock Option Grant $9.46 (10) 12/01/2030 Common Stock 25,617 25,617 D
Restricted Stock Unit Grant (7) 01/02/2024 M(8) 1,913 (11) 01/01/2025 Common Stock 3,825 $0.00 1,912 D
Stock Option Grant $22.2 (12) 12/07/2031 Common Stock 7,740 7,740 D
Stock Option Grant $22.2 (13) 12/07/2031 Common Stock 7,740 7,740 D
Restricted Stock Unit Grant (7) 01/02/2024 M(8) 2,180 (14) 01/01/2026 Common Stock 8,720 $0.00 6,540 D
Restricted Stock Unit Grant (7) (15) 01/01/2026 Common Stock 6,540 6,540 D
Stock Option Grant $14 (16) 12/23/2032 Common Stock 10,405 10,405 D
Stock Option Grant $14 (17) 12/23/2032 Common Stock 10,405 10,405 D
Restricted Stock Unit Grant (7) 01/02/2024 M(8) 3,238 (18) 01/01/2027 Common Stock 12,950 $0.00 9,712 D
Restricted Stock Unit Grant (7) (16) 01/01/2026 Common Stock 12,950 12,950 D
Restricted Stock Unit Grant (7) (19) 01/01/2027 Common Stock 14,630 14,630 D
Restricted Stock Unit Grant (7) (20) 01/01/2028 Common Stock 14,630 14,630 D
Stock Option Grant $17.31 (16) 12/22/2033 Common Stock 11,825 11,825 D
Stock Option Grant $17.31 (21) 12/22/2033 Common Stock 11,825 11,825 D
Explanation of Responses:
1. Represents the net issuance of 2,083 shares from the vesting of 3,062 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 979 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.
2. Represents the net issuance of 1,301 shares from the vesting of 1,913 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 612 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.
3. Represents the net issuance of 1,483 shares from the vesting of 2,180 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 697 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.
4. Represents the net issuance of 2,202 shares from the vesting of 3,238 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 1,036 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.
5. 15/48th of this option grant vested on January 1, 2020 and thereafter, an additional 1/48th vests each month for thirty-three months.
6. 12/48th of this option grant vested on January 1, 2021 and thereafter, an additional 1/48th vests each month for thirty-six months.
7. Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock.
8. Represents the vesting of restricted stock units.
9. 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.
10. 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.
11. 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.
12. These options become exercisable, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.
13. 12/48th of this option grant vested on January 1, 2023 and thereafter, an additional 1/48th will vest each month for thirty-six months.
14. These restricted stock units vest, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.
15. Twenty-five percent of this restricted stock unit grant vested 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.
16. These options become exercisable, if at all, based on the Issuer's achievement of certain financial milestones.
17. 12/48th of this option grant will vest on January 1, 2024 and thereafter, an additional 1/48th will vest each month for thirty-six months.
18. Twenty-five percent of this restricted stock unit grant will vest on January 1, 2024, and thereafter 25% will vest on each of January 1, 2025, January 1, 2026 and January 1, 2027.
19. These restricted stock units will vest, if at all, based on the Issuer's achievement of certain financial milestones.
20. Twenty-five percent of this restricted stock unit grant will vest on January 1, 2025 and thereafter, an additional 1/4th will vest on each of January 1, 2026, January 1, 2027 and January 1, 2028.
21. 12/48th of this option grant will vest on January 1, 2025 and thereafter, an additional 1/48th will vest each month for thirty-six months.
Remarks:
/s/ Mark A. Shaffer 01/04/2024
** 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).
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