LIQUIDITY SERVICES INC — Director's Dealing 2021

Jan 7, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LIQUIDITY SERVICES INC (LQDT)
CIK: 0001235468
Period of Report: 2021-01-06

Reporting Person: Celaya Jorge (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-01-06	Common Stock	M	11790	$6.11	Acquired	82628	Direct
2021-01-06	Common Stock	M	16478	$4.47	Acquired	99106	Direct
2021-01-06	Common Stock	M	18252	$4.47	Acquired	117358	Direct
2021-01-06	Common Stock	M	13891	$6.63	Acquired	131249	Direct
2021-01-06	Common Stock	M	3473	$6.63	Acquired	134722	Direct
2021-01-06	Common Stock	F	20790	$16.47	Disposed	113932	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-01-06	Employee Stock Option	$6.63	M	13891	Disposed	2025-10-01	Common Stock (13891.0)	Direct
2021-01-06	Employee Stock Option	$6.63	M	3473	Disposed	2025-10-01	Common Stock (3473.0)	Direct
2021-01-06	Employee Stock Option	$4.47	M	18252	Disposed	2027-10-01	Common Stock (30420.0)	Direct
2021-01-06	Employee Stock Option	$4.47	M	16478	Disposed	2027-10-01	Common Stock (20280.0)	Direct
2021-01-06	Employee Stock Option	$6.11	M	11790	Disposed	2028-12-04	Common Stock (36500.0)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Grant	$	2026-10-01	Common Stock (2085.0)	2085	Direct
Employee Stock Option	$8.3	2026-10-01	Common Stock (5750.0)	5750	Direct
Employee Stock Option	$8.3	2026-10-01	Common Stock (5750.0)	5750	Direct
Employee Stock Grant	$	2021-10-01	Common Stock (1248.0)	1248	Direct
Employee Stock Grant	$	2021-10-01	Common Stock (520.0)	520	Direct
Employee Stock Grant	$	2023-10-01	Common Stock (5900.0)	5900	Direct
Employee Stock Grant	$	2023-01-01	Common Stock (2950.0)	2950	Direct
Employee Stock Option	$6.11	2028-12-04	Common Stock (36500.0)	36500	Direct
Employee Stock Option	$6.69	2029-12-03	Common Stock (54000.0)	54000	Direct
Employee Stock Option	$6.69	2029-12-03	Common Stock (54000.0)	54000	Direct
Employee Stock Grant	$	2024-01-01	Common Stock (22650.0)	22650	Direct
Employee Stock Grant	$	2024-01-01	Common Stock (16987.0)	16987	Direct
Employee Stock Option	$9.46	2030-12-01	Common Stock (55050.0)	55050	Direct
Employee Stock Option	$9.46	2030-12-01	Common Stock (55050.0)	55050	Direct
Employee Stock Grant	$	2025-01-01	Common Stock (9950.0)	9950	Direct
Employee Stock Grant	$	2025-01-01	Common Stock (9950.0)	9950	Direct

Footnotes

F1: The reporting person surrendered 20,790 shares with a market value of $342,411.30 to the Issuer to pay the purchase price of the shares.

F2: These options became fully exercisable on October 1, 2019.

F3: 75% of these options became exercisable on December 6, 2018. The remaining options become exercisable, if at all, based on the Issuer's achievement of certain financial milestones.

F4: Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock.

F5: These restricted stock units will vest, if at all, based on the issuer's achievement of certain financial milestones.

F6: These options became fully exercisable on October 1, 2020.

F7: These options become exercisable, if at all, based on the issuer's achievement of certain financial milestones.

F8: 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.

F9: 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.

F10: 15/48th of this option grant vested on January 1, 2019 and thereafter, an additional 1/48th vests each month for thirty-three months.

F11: 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.

F12: 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.

F13: 15/48th of this option grant vested on January 1, 2020 and thereafter, an additional 1/48th vests each month for thirty-three months.

F14: 12/48th of this option grant vested on January 1, 2021 and thereafter, an additional 1/48th vests each month for thirty-six months.

F15: 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.

F16: 12/48th of this option grant will vest on January 1, 2022 and thereafter, 1/48th will vest each month for thirty-six months.

F17: This option becomes exercisable, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.

F18: These restricted stock units vest, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.

F19: 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.