Vector Capital and Slusky Report Large August 2025 Sales of LPSN Stock

Rhea-AI Filing Summary

Insider sales by Vector Capital and affiliated parties reduced their stake in LivePerson Inc. (LPSN) across three days in August 2025. The Form 4 shows Vector Capital Management, L.P., Vector Capital, L.L.C. and Alexander R. Slusky reporting sales of Common Stock on 08/12/2025 (706,991 shares at a weighted average price of $1.0203), 08/13/2025 (955,412 shares at $0.9918) and 08/14/2025 (252,776 shares at $0.9774). After these transactions the reported beneficial ownership declined from 10,192,465 shares to 8,984,277 shares held indirectly through Vector Capital VI, L.P. The filing states that VCM, VCLLC and Mr. Slusky may be deemed to beneficially own the shares held by VCVI but disclaim ownership except to their pecuniary interest.

Positive

• Timely and detailed disclosure: The Form 4 lists exact transaction dates, share counts, weighted average prices and remaining beneficial ownership.
• Clear ownership structure disclosed: The filing explains that shares are held by Vector Capital VI, L.P. and voting/investment power is delegated to Vector Capital Management, L.P.

Negative

• Substantial insider sales: 1,915,179 shares sold over three days reduced reported indirect holdings from 10,192,465 to 8,984,277 shares.
• Concentration reduction: The reported indirect stake declined noticeably in a short period, which may raise investor concern about insider sentiment.

Insights

Securities Analyst

TL;DR: Large, consecutive insider sales materially reduced reported indirect holdings, which may affect market perception of LPSN.

The reported dispositions total 1,915,179 shares sold over three trading days at weighted average prices between $0.9774 and $1.0203. Ownership reported as indirect through Vector Capital VI, L.P. fell from 10,192,465 to 8,984,277 shares. The filing contains weighted-average price ranges and offers to provide detailed per-price breakdowns on request, which supports transparency. For investors, the size and timing of the sales are notable because they represent an active reduction in a significant holder's reported stake within a short period.

Corporate Governance Expert

TL;DR: The Form 4 properly discloses beneficial ownership structure and delegations, but large sales warrant attention on governance signaling.

The report clarifies that VCVI holds the shares and delegated voting and investment power to Vector Capital Management, L.P., while VCM, VCLLC and Mr. Slusky disclaim beneficial ownership except for pecuniary interest. Signatures from all reporting entities are included. The disclosure is procedurally complete and cites price ranges with offers to supply detailed breakdowns, meeting SEC Form 4 transparency requirements. Material governance questions arise from the reduction in reported indirect ownership, which stakeholders may interpret as a change in insider positioning.

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

OMB APPROVAL

OMB Number:			3235-0287
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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Vector Capital Management, L.P.

(Last) (First) (Middle)

650 CALIFORNIA STREET, 32ND FLOOR

(Street)

SAN FRANCISCO CA 94108

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LIVEPERSON INC [ LPSN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

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	08/12/2025		S		706,991	D	$1.0203(3)	10,192,465	I	See Footnotes(1)(2)
Common Stock	08/13/2025		S		955,412	D	$0.9918(4)	9,237,053	I	See Footnotes(1)(2)
Common Stock	08/14/2025		S		252,776	D	$0.9774(5)	8,984,277	I	See Footnotes(1)(2)

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

1. Name and Address of Reporting Person^*

Vector Capital Management, L.P.

(Last) (First) (Middle)

650 CALIFORNIA STREET, 32ND FLOOR

(Street)

SAN FRANCISCO CA 94108

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

VECTOR CAPITAL, L.L.C.

(Last) (First) (Middle)

C/O VECTOR CAPITAL MANAGEMENT, L.P.

650 CALIFORNIA STREET, 32ND FLOOR

(Street)

SAN FRANCISCO CA 94108

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Slusky Alexander R

(Last) (First) (Middle)

C/O VECTOR CAPITAL MANAGEMENT, L.P.

650 CALIFORNIA STREET, 32ND FLOOR

(Street)

SAN FRANCISCO CA 94108

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The shares of common stock, par value $0.001 per share, of the Issuer ("Common Stock"), reported herein are held directly by Vector Capital VI, L.P. ("VCVI"). VCVI has delegated all voting and investment power over the securities in its portfolio to Vector Capital Management, L.P. ("VCM"), an investment adviser registered with the Securities and Exchange Commission (the "Commission").

2. VCM, together with Vector Capital, L.L.C. ("VCLLC"), its general partner, and Alexander R. Slusky ("Mr. Slusky"), the managing member of VCLLC and Chief Investment Officer of VCM, may be deemed to beneficially own the Common Stock held directly by VCVI. Each of VCM, VCLLC and Mr. Slusky disclaims beneficial ownership of the Common Stock held by VCVI, except to the extent of its or his pecuniary interest, if any, therein. The inclusion of the Common Stock in this report shall not be deemed an admission by such reporting person of beneficial ownership for any other purpose.

3. Reflects weighted average price. Range of prices were between $0.99 to $1.13. The reporting person will provide upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

4. Reflects weighted average price. Range of prices were between $0.98 to $1.01. The reporting person will provide upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

5. Reflects weighted average price. Range of prices were between $0.95 to $1.01. The reporting person will provide upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

	VECTOR CAPITAL MANAGEMENT, L.P., By: Vector Capital L.L.C., its General Partner, By: / s/ Alexander R. Slusky, Alexander R. Slusky, Managing Member	08/14/2025
	VECTOR CAPITAL, L.L.C., By: / s/ Alexander R. Slusky, Alexander R. Slusky, Managing Member	08/14/2025
	/s/ Alexander R. Slusky, Alexander R. Slusky	08/14/2025
	** 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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FAQ

What insider transactions did LivePerson (LPSN) report on this Form 4?

The filing reports sales of Common Stock on 08/12/2025 (706,991 shares at $1.0203 weighted average), 08/13/2025 (955,412 shares at $0.9918) and 08/14/2025 (252,776 shares at $0.9774).

How did the reported beneficial ownership change after the transactions?

Reported beneficial ownership held indirectly fell from 10,192,465 shares to 8,984,277 shares following the reported sales.

Who are the reporting persons on the Form 4 for LPSN?

Vector Capital Management, L.P., Vector Capital, L.L.C., and Alexander R. Slusky are listed as reporting persons; holdings are held directly by Vector Capital VI, L.P.

Are the prices per share in the filing exact?

The Form 4 provides weighted average prices and states price ranges for the sales and offers to provide a per-price breakdown upon request.

Did the reporting persons claim beneficial ownership or disclaim it?

The filing states VCM, VCLLC and Mr. Slusky may be deemed to beneficially own the shares held by VCVI but disclaim ownership except to the extent of any pecuniary interest.