Liquidity Services (LQDT) HR chief sells 1,260 shares after RSU vesting
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Murray Novelette reported acquisition or exercise transactions in this Form 4 filing.
Liquidity Services Inc. Chief Human Resources Officer Murray Novelette reported routine equity compensation activity. On the reported date, 1,900 restricted stock units vested, each representing one share of Liquidity Services common stock. According to the footnotes, 640 shares were withheld by the company to satisfy federal and state tax withholding obligations.
The remaining 1,260 shares from the vesting were sold at a price of $33.13 per share, with proceeds used to cover fees and the balance received in cash. Following these transactions, Novelette directly owned 37,029 shares of common stock. The filing also shows continuing holdings of stock options and additional restricted stock units that vest over future dates based on service and the company’s achievement of specified financial milestones.
Positive
- None.
Negative
- None.
Insider Trade Summary
1,900 shares exercised/converted
Mixed
19 txns
Insider
Murray Novelette
Role
Chief Human Resources Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Unit Grant | 1,900 | $0.00 | -- |
| Exercise | Common Stock | 1,260 | $0.00 | -- |
| Other | Common Stock | 1,260 | $33.13 | $42K |
| holding | Restricted Stock Unit Grant | -- | -- | -- |
| holding | Restricted Stock Unit Grant | -- | -- | -- |
| holding | Restricted Stock Unit Grant | -- | -- | -- |
| holding | Restricted Stock Unit Grant | -- | -- | -- |
| holding | Restricted Stock Unit Grant | -- | -- | -- |
| holding | Restricted Stock Unit Grant | -- | -- | -- |
| holding | Stock Option Grant | -- | -- | -- |
| holding | Stock Option Grant | -- | -- | -- |
| holding | Stock Option Grant | -- | -- | -- |
| holding | Stock Option Grant | -- | -- | -- |
| holding | Stock Option Grant | -- | -- | -- |
| holding | Stock Option Grant | -- | -- | -- |
| holding | Stock Option Grant | -- | -- | -- |
| holding | Stock Option Grant | -- | -- | -- |
| holding | Stock Option Grant | -- | -- | -- |
| holding | Stock Option Grant | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Unit Grant — 4,750 shares (Direct, null);
Common Stock — 37,029 shares (Direct, null);
Stock Option Grant — 3,269 shares (Direct, null)
Footnotes (1)
- Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock. These restricted stock units will vest, if at all, based on the Issuer's achievement of certain financial milestones. These options become exercisable, if at all, based on the Issuer's achievement of certain financial milestones. 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. 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. 12/48th of this option grant vested on January 1, 2025 and thereafter, an additional 1/48th will vest each month for thirty-six months. 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. 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. 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. 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. 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. 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. Represents the net issuance of 1,260 shares from the vesting of 1,900 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 640 shares. In accordance with the Issuer's policies, the reporting person elected the following release method with respect to the vesting of restricted stock units: shares are withheld to cover taxes and remaining shares are sold. The sale proceeds are used to cover fees and the balance is received by the reporting person in cash. This transaction reflects the sale of the 1,260 shares received by the reporting person in connection with the vesting of 1,900 restricted stock units.
Key Figures
RSUs vested: 1,900 shares
Shares withheld for taxes: 640 shares
Shares sold: 1,260 shares
+5 more
8 metrics
RSUs vested
1,900 shares
Restricted stock units vesting on the transaction date
Shares withheld for taxes
640 shares
Shares withheld to satisfy federal and state withholding
Shares sold
1,260 shares
Net shares from RSU vesting sold pursuant to company policy
Sale price
$33.13 per share
Price for 1,260 Liquidity Services common shares sold
Common shares owned after
37,029 shares
Direct Liquidity Services common stock ownership after transactions
Stock options at $23.50
10,150 underlying shares
Stock option grant exercisable at $23.50, expiring 2035-10-29
RSUs expiring 2030-01-01
10,550 underlying shares
Restricted stock unit grants tied to Liquidity Services common stock
RSU exercise/conversion
1,900 units
Derivative exercise of restricted stock units into common shares
Key Terms
restricted stock unit, Stock Option Grant, vests, exercise or conversion of derivative security, +2 more
6 terms
restricted stock unit financial
"Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock."
A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.
Stock Option Grant financial
"security_title": "Stock Option Grant""
vests financial
"These restricted stock units will vest, if at all, based on the Issuer's achievement of certain financial milestones."
exercise or conversion of derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
withholding financial
"withholding due at the vesting of such restricted stock units was satisfied by the issuer withholding 640 shares."
vesting financial
"Represents the net issuance of 1,260 shares from the vesting of 1,900 restricted stock units"
Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.
FAQ
What did Liquidity Services (LQDT) executive Murray Novelette report in this Form 4?
Murray Novelette reported vesting of 1,900 restricted stock units tied to Liquidity Services common stock. Part of the vested shares covered tax withholding, and the remaining shares were sold, reflecting routine equity compensation activity for the Chief Human Resources Officer.
Were the restricted stock units in the LQDT filing tied to performance or time-based vesting?
The filing shows restricted stock units that vest based on both time and company performance. Footnotes state some RSUs vest in set annual installments, while others only vest if Liquidity Services achieves specified financial milestones, adding a performance-based component to the awards.
What ongoing equity awards does Murray Novelette have from Liquidity Services (LQDT)?
The filing lists remaining stock options and restricted stock units linked to Liquidity Services common stock. These include options with exercise prices such as $23.50 and $21.62 and RSUs scheduled to vest between 2026 and 2030, contingent on service and company financial performance milestones.