Liquidity Services (LQDT) counsel sells 6,763 shares after exercising 26,177 options
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Liquidity Services, Inc. executive Mark A. Shaffer, VP, General Counsel & Secretary, reported a mix of stock option exercises and share sales through The Mark A. Shaffer Revocable Trust. He exercised derivative awards covering 26,177 shares of common stock at exercise prices including $14.00, $17.31, $21.62 and $22.20 per share. Footnotes show that thousands of the exercised shares were withheld by the issuer to cover option costs and taxes, with the balance delivered to the insider.
The trust then carried out open‑market sales totaling 6,763 shares of Liquidity Services common stock at prices around $34.62–$35.15 per share, leaving it holding 68,666 shares indirectly. Shaffer also continues to hold a sizeable package of unexercised equity awards, including restricted stock units economically equivalent to common shares and stock options that vest over time or based on specified financial milestones.
Positive
- None.
Negative
- None.
Insights
Routine option exercises with partial share sales and substantial equity left.
The filing shows Mark A. Shaffer exercising stock options on May 11, 2026 to acquire 26,177 shares of Liquidity Services common stock at strike prices between $14.00 and $22.20. Many exercised shares were withheld to cover option costs and taxes, as described in multiple footnotes.
Through The Mark A. Shaffer Revocable Trust, he then sold 6,763 shares in open‑market transactions around $34.62–$35.15 per share, while remaining indirect holdings stand at 68,666 shares. The filing also lists sizable unexercised restricted stock units and options expiring between 2027 and 2035, many tied to time‑based vesting or financial milestones, indicating continued long‑term equity exposure. Overall, this pattern looks like normal liquidity and tax management rather than a transformative change in ownership.
Insider Trade Summary
Net Seller: 6,763 shares ($234,593)
Net Sell
31 txns
Insider
Shaffer Mark A
Role
VP, Gen. Counsel & Secretary
Sold
6,763 shs ($235K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option Grant | 322 | $0.00 | -- |
| Exercise | Stock Option Grant | 1,301 | $0.00 | -- |
| Exercise | Stock Option Grant | 6,189 | $0.00 | -- |
| Exercise | Stock Option Grant | 3,567 | $0.00 | -- |
| Exercise | Stock Option Grant | 2,128 | $0.00 | -- |
| Exercise | Stock Option Grant | 9,460 | $0.00 | -- |
| Exercise | Stock Option Grant | 3,210 | $0.00 | -- |
| Exercise | Common Stock | 874 | $14.00 | $12K |
| Sale | Common Stock | 874 | $34.62 | $30K |
| Exercise | Common Stock | 3,307 | $17.31 | $57K |
| Sale | Common Stock | 3,307 | $34.62 | $114K |
| Exercise | Common Stock | 852 | $21.62 | $18K |
| Sale | Common Stock | 852 | $34.62 | $29K |
| Exercise | Common Stock | 866 | $21.62 | $19K |
| Sale | Common Stock | 866 | $34.62 | $30K |
| Exercise | Common Stock | 864 | $17.31 | $15K |
| Sale | Common Stock | 864 | $35.15 | $30K |
| Exercise | Common Stock | 322 | $22.20 | $7K |
| Exercise | Common Stock | 1,301 | $14.00 | $18K |
| Exercise | Common Stock | 1,232 | $17.31 | $21K |
| Exercise | Common Stock | 409 | $21.62 | $9K |
| holding | Stock Option Grant | -- | -- | -- |
| holding | Stock Option Grant | -- | -- | -- |
| holding | Stock Option 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 | Restricted Stock Unit Grant | -- | -- | -- |
| holding | Restricted Stock Unit Grant | -- | -- | -- |
Holdings After Transaction:
Stock Option Grant — 0 shares (Direct, null);
Common Stock — 69,540 shares (Indirect, By The Mark A. Shaffer Revocable Trust);
Restricted Stock Unit Grant — 3,237 shares (Direct, null)
Footnotes (1)
- These options became fully vested on January 1, 2026. Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock. 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, 2024 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, 2025 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. 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, 2025, January 1, 2026, January 1, 2027 and January 1, 2028. These restricted stock units vest, if at all, based on the Issuer's achievement of certain financial milestones. 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. The reporting person exercised 2,128 stock options; 1,254 shares were withheld by the issuer to pay the cost of the options and taxes and the remaining 874 shares were acquired by the reporting person. 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. The reporting person exercised 9,460 stock options; 6,153 shares were withheld by the issuer to pay the cost of the options and taxes and the remaining 3,307 shares were acquired by the reporting person. The reporting person exercised 3,158 stock options; 2,306 shares were withheld by the issuer to pay the cost of the options and taxes and the remaining 852 shares were acquired by the reporting person. The reporting person exercised 3,210 stock options; 2,344 shares were withheld by the issuer to pay the cost of the options and taxes and the remaining 866 shares were acquired by the reporting person. The reporting person exercised 2,463 stock options; 1,599 shares were withheld by the issuer to pay the cost of the options and taxes and the remaining 864 shares were acquired by the reporting person.
Key Figures
Shares sold: 6,763 shares
Sale prices: $34.62–$35.15 per share
Options exercised: 26,177 shares
+4 more
7 metrics
Shares sold
6,763 shares
Open-market sales by revocable trust on May 11, 2026
Sale prices
$34.62–$35.15 per share
Prices for S-code common stock sales
Options exercised
26,177 shares
Total underlying shares from M-code derivative exercises
Exercise prices
$14.00, $17.31, $21.62, $22.20
Strike prices for exercised option grants
Indirect holdings
68,666 shares
Common stock held by The Mark A. Shaffer Revocable Trust after trades
RSU position
14,250 underlying shares
One restricted stock unit grant expiring January 1, 2030
Option position
13,750 underlying shares
Stock option grant at $23.52 expiring October 29, 2035
Key Terms
Restricted Stock Unit Grant, Stock Option Grant, derivative exercise/conversion, open-market sale, +2 more
6 terms
Restricted Stock Unit Grant financial
"security_title: "Restricted Stock Unit Grant" with underlying common stock"
Stock Option Grant financial
"security_title: "Stock Option Grant" with exercise prices like 23.5200"
derivative exercise/conversion financial
"transaction_action: "derivative exercise/conversion" for M-code entries"
open-market sale financial
"transaction_action: "open-market sale" for S-code common stock trades"
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
Revocable Trust financial
"nature_of_ownership: "By The Mark A. Shaffer Revocable Trust""
A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.
financial milestones financial
"footnote: "based on the Issuer's achievement of certain financial milestones""
FAQ
What did Liquidity Services (LQDT) insider Mark A. Shaffer do in this Form 4?
Mark A. Shaffer exercised stock options covering 26,177 Liquidity Services shares and, through his revocable trust, sold 6,763 shares in open‑market trades. He also continues to hold substantial indirect common stock and multiple unexercised restricted stock units and options.
What option exercises did Mark A. Shaffer report for Liquidity Services (LQDT)?
Shaffer reported exercising derivative awards for 26,177 underlying Liquidity Services shares at exercise prices including $14.00, $17.31, $21.62 and $22.20. Footnotes explain that part of each exercise was withheld to cover option costs and taxes, with remaining shares delivered.
Does Mark A. Shaffer still hold Liquidity Services (LQDT) equity awards after this filing?
Yes. The derivative summary lists multiple remaining restricted stock unit and stock option grants, with examples including 14,250 and 13,750 underlying shares. These awards generally have zero or fixed exercise prices and vest over future dates or upon meeting financial milestones.
Are the Liquidity Services (LQDT) transactions direct or through an entity?
The open‑market sales and non‑derivative stock holdings are reported as indirect, held by The Mark A. Shaffer Revocable Trust. Many option and restricted stock unit positions are reported as directly owned derivative securities tied to Liquidity Services common stock.