LIQUIDITY SERVICES INC — Director's Dealing 2020

Apr 23, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LIQUIDITY SERVICES INC (LQDT)
CIK: 0001235468
Period of Report: 2020-04-21

Reporting Person: Angrick William P III (Director, Chairman of the Board and CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-04-21	Common Stock	P	700	$4.74	Acquired	4552571	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	873379	Indirect
Common Stock	575513	Indirect
Common Stock	114699	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$7.36	2024-12-03	Common Stock (139900.0)	139900	Direct
Employee Stock Option	$7.36	2024-12-03	Common Stock (139900.0)	139900	Direct
Employee Stock Grant	$	2024-01-01	Common Stock (54700.0)	54700	Direct
Employee Stock Grant	$	2024-01-01	Common Stock (54700.0)	54700	Direct
Employee Stock Option	$6.72	2028-10-01	Common Stock (124200.0)	124200	Direct
Employee Stock Grant	$	2028-10-01	Common Stock (17300.0)	17300	Direct
Employee Stock Option	$6.72	2022-10-01	Common Stock (124200.0)	124200	Direct
Employee Stock Grant	$	2022-10-01	Common Stock (12975.0)	12975	Direct
Employee Stock Option	$4.92	2027-10-01	Common Stock (130620.0)	130620	Direct
Employee Stock Option	$4.92	2027-10-01	Common Stock (87080.0)	87080	Direct
Employee Stock Grant	$	2021-12-11	Common Stock (4920.0)	4920	Direct
Employee Stock Grant	$	2021-10-01	Common Stock (4100.0)	4100	Direct
Employee Stock Grant	$	2020-10-01	Common Stock (18812.0)	18812	Direct
Employee Stock Grant	$	2026-10-01	Common Stock (67725.0)	67725	Direct
Employee Stock Option	$9.13	2026-10-01	Common Stock (48000.0)	48000	Direct
Employee Stock Option	$9.13	2026-10-01	Common Stock (48000.0)	48000	Direct
Employee Stock Option	$7.29	2025-10-01	Common Stock (83178.0)	83178	Direct
Employee Stock Option	$7.29	2025-10-01	Common Stock (20794.0)	20794	Direct
Employee Stock Option	$11.45	2024-10-01	Common Stock (29980.0)	29980	Direct
Employee Stock Option	$24.19	2023-10-01	Common Stock (48122.0)	48122	Direct
Employee Stock Option	$46.72	2022-10-01	Common Stock (14695.0)	14695	Direct
Employee Stock Option	$37.72	2021-10-01	Common Stock (32139.0)	32139	Direct
Employee Stock Option	$17.02	2020-10-01	Common Stock (8641.0)	8641	Direct
Employee Stock Option	$9.96	2019-10-01	Common Stock (4568.0)	4568	Direct

Footnotes

F1: The purchase reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by and between The William P. Angrick III Revocable Trust Under Agreement Dates 04/20/07 and RBC Capital Markets on March 11, 2020.

F2: These shares are held in a trust for the benefit of the reporting person. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of the securities for the purposes of Section 16 or for any other purpose.

F3: These shares are held in a trust for the benefit of the reporting person's spouse, who is also trustee of the trust. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of the securities for the purposes of Section 16 or for any other purpose.

F4: 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.

F5: 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.

F6: Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock.

F7: 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.

F8: 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.

F9: 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.

F10: 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.

F11: 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.

F12: Twenty-five percent of this restricted stock grant each vested on January 1, 2019 and October 1, 2019, and thereafter 1/4th of the restricted stock grant will vest on each October 1, 2020, and October 1, 2021.

F13: Twenty-five percent of this restricted stock grant vested on April 1, 2018 and October 1, 2018, and October 1, 2019, and thereafter 1/4th of the restricted stock grant will vest on October 1, 2020.

F14: These restricted stock units will vest, if at all, based on the Issuer's achievement of certain financial milestones.

F15: 18/48th of this option grant vested on April 1, 2018 and thereafter 1/48th of the option grant will vest each month for thirty months.

F16: This option becomes exercisable, if at all, based on the Issuer's achievement of certain financial milestones.

F17: These options became fully vested on October 1, 2019.

F18: 75% of the options were certified as vested on December 6, 2018. The remaining options become exercisable, if at all, based on the Issuer's achievement of certain financial milestones.

F19: These options became fully vested on October 1, 2018.

F20: These options became fully vested on October 1, 2017.

F21: These options became fully vested on October 1, 2016.

F22: These options became fully vested on October 1, 2015.

F23: These options became fully vested on October 1, 2014.

F24: These options became fully vested on October 1, 2013.