[Form 4] LIQUIDITY SERVICES INC Insider Trading Activity

Rhea-AI Filing Summary

Liquidity Services (LQDT) insider update: A Form 4 reports equity awards to officer Mark A. Shaffer (VP, General Counsel & Secretary) on 10/29/2025. The filing shows a stock option grant of 13,750 shares at $23.52 expiring on 10/29/2035, and two restricted stock unit (RSU) grants of 14,250 shares each. One RSU grant vests 25% on each of January 1, 2027–2030, while another RSU grant will vest, if at all, based on the issuer’s achievement of certain financial milestones.

Some options become exercisable, if at all, based on financial milestones; others follow time-based monthly vesting after initial tranches as described. Following the reported transactions, 47,671 shares of common stock were beneficially owned indirectly by The Mark A. Shaffer Revocable Trust.

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).

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^*

Shaffer Mark A

(Last) (First) (Middle)

C/O LIQUIDITY SERVICES, INC.

6931 ARLINGTON ROAD, SUTIE 460

(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)
	VP, Gen. Counsel & Secretary

3. Date of Earliest Transaction (Month/Day/Year)
10/29/2025

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

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								47,671	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
Restricted Stock Unit Grant	(2)							(8)	01/01/2026	Common Stock	2,180		2,180	D
Restricted Stock Unit Grant	(2)							(9)	01/01/2027	Common Stock	6,475		6,475	D
Restricted Stock Unit Grant	(2)							(10)	01/01/2028	Common Stock	10,972		10,972	D
Restricted Stock Unit Grant	(2)							(6)	01/01/2029	Common Stock	12,650		12,650	D
Restricted Stock Unit Grant	(2)							(11)	01/01/2026	Common Stock	5,232		5,232	D
Restricted Stock Unit Grant	(2)							(11)	01/01/2029	Common Stock	12,650		12,650	D
Restricted Stock Unit Grant	(2)							(11)	01/01/2026	Common Stock	6,475		6,475	D
Restricted Stock Unit Grant	(2)							(11)	01/01/2027	Common Stock	10,241		10,241	D
Stock Option Grant	$21.62							(7)	10/30/2034	Common Stock	10,700		10,700	D
Stock Option Grant	$17.31							(3)	12/22/2033	Common Stock	11,825		11,825	D
Stock Option Grant	$21.62							(3)	10/30/2034	Common Stock	10,700		10,700	D
Stock Option Grant	$22.2							(1)	12/07/2031	Common Stock	1,774		1,774	D
Stock Option Grant	$14							(4)	12/23/2032	Common Stock	4,986		4,986	D
Stock Option Grant	$17.31							(5)	12/22/2033	Common Stock	8,622		8,622	D
Stock Option Grant	$22.2							(3)	12/07/2031	Common Stock	4,644		4,644	D
Stock Option Grant	$14							(3)	12/23/2032	Common Stock	9,365		9,365	D
Stock Option Grant	$23.52	10/29/2025		A		13,750		(3)	10/29/2035	Common Stock	13,750	$0	13,750	D
Stock Option Grant	$23.52	10/29/2025		A		13,750		(12)	10/29/2035	Common Stock	13,750	$0	13,750	D
Restricted Stock Unit Grant	(2)	10/29/2025		A		14,250		(13)	01/01/2030	Common Stock	14,250	$0	14,250	D
Restricted Stock Unit Grant	(2)	10/29/2025		A		14,250		(14)	01/01/2030	Common Stock	14,250	$0	14,250	D

Explanation of Responses:

1. 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.

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

3. These options become exercisable, if at all, based on the Issuer's achievement of certain financial milestones.

4. 12/48th of this option grant vested on January 1, 2024 and thereafter, an additional 1/48th will vest each month for thirty-six months.

5. 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.

6. Twenty-five percent of this restricted stock unit grant vests on each of January 1, 2026, January 1, 2027, January 1, 2028 and January 1, 2029.

7. 12/48th of this option grant will vest on January 1, 2026, and, thereafter, an additional 1/48th will vest each month for thirty-six months.

8. Twenty-five percent of this restricted stock unit grant vests on each of January 1, 2023, January 1, 2024, January 1, 2025 and January 1, 2026

9. Twenty-five percent of this restricted stock unit grant vests on each of January 1, 2024, January 1, 2025, January 1, 2026 and January 1, 2027.

10. Twenty-five percent of this restricted stock unit grant vests on each of January 1, 2025, January 1, 2026, January 1, 2027 and January 1, 2028.

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

12. 12/48th of this option grant will vest on January 1, 2027, and, thereafter, an additional 1/48th will vest each month for thirty-six months.

13. Twenty-five percent of this restricted stock unit grant vests on each of January 1, 2027, January 1, 2028, January 1, 2029 and January 1, 2030.

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

	/s/ Mark A. Shaffer	10/31/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did LQDT report on Form 4 for Mark A. Shaffer?

Equity awards on 10/29/2025, including a 13,750-share stock option at $23.52 and two 14,250-share RSU grants.

What are the terms of the new LQDT stock option grant?

A 13,750-share option at $23.52 with expiration on 10/29/2035. Some options vest based on financial milestones; others vest over time.

How do the new LQDT RSUs vest?

One 14,250 RSU grant vests 25% on each of Jan 1, 2027–2030. Another 14,250 RSU grant will vest, if at all, based on financial milestones.

What is the insider’s beneficial ownership after the reported transactions?

Common stock 47,671 shares, held indirectly by The Mark A. Shaffer Revocable Trust.

What role does Mark A. Shaffer hold at LQDT?

He is VP, General Counsel & Secretary.

Are performance conditions mentioned for some LQDT awards?

Yes. Certain options and RSUs vest, if at all, upon the issuer’s achievement of specified financial milestones.