Liquidity Services (LQDT) CFO Reports RSU Net Issuances and Long-Dated Options
Rhea-AI Filing Summary
Jorge Celaya, EVP & Chief Financial Officer of Liquidity Services, Inc. (LQDT), reported insider transactions on Form 4 dated 08/25/2025. The reporting shows net issuances from restricted stock unit vesting: 2,143 shares (net of 1,999 shares withheld for taxes) and 1,385 shares (net of 1,292 shares withheld), increasing his indirect ownership to 34,330 and 35,715 shares respectively across two entries attributable to the Jorge Celaya Revocable Trust.
The filing also lists multiple outstanding equity awards held directly by Mr. Celaya, including restricted stock units scheduled to vest between 2026 and 2029 (notably grants of 2,180, 10,355, 20,081, 20,500 and others) and stock options with exercise prices and expirations ranging from $6.69 to $22.20 and expirations through 2034. Several grants are subject to time- or performance-based vesting per the explanations provided.
Positive
- Net issuance of vested restricted stock units rather than open-market sales, indicating retention of shares after tax withholding
- Comprehensive disclosure of vesting schedules and option exercise prices through 2034 provides transparency on executive incentives
Negative
- None.
Insights
TL;DR: Routine executive compensation-related equity activity: net RSU issuances and a portfolio of outstanding options and RSUs; no sale or external transfer reported.
The Form 4 discloses net issuances from RSU vesting on 08/25/2025 and a schedule of existing equity awards held by the CFO. The transactions are reflected as indirect ownership via a revocable trust and show tax-withholding shares surrendered to the issuer rather than open-market sales. The listed stock options and RSUs include a mix of time-based and performance-contingent vesting, with exercise prices from $6.69 to $22.20 and expirations through 2034, indicating multi-year incentive alignment with the company.
TL;DR: Disclosure is consistent with compensation vesting and standard Section 16 reporting obligations; no governance concerns evident from this filing alone.
The filing documents routine net issuances resulting from RSU vesting and extensive outstanding equity awards for the CFO. Withholdings to satisfy tax obligations were executed by the issuer, a common practice that avoids open-market share sales. Several awards are conditioned on financial milestones, which ties executive pay to company performance as disclosed. The Form 4 contains clear vesting schedules and exercise details, meeting standard transparency expectations for insider reporting.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Unit Grant | 4,142 | $0.00 | -- |
| Exercise | Restricted Stock Unit Grant | 2,677 | $0.00 | -- |
| Exercise | Common Stock | 2,143 | $0.00 | -- |
| Exercise | Common Stock | 1,385 | $0.00 | -- |
| holding | Restricted Stock Unit Grant | -- | -- | -- |
| holding | Restricted Stock Unit Grant | -- | -- | -- |
| holding | Restricted Stock Unit Grant | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| 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 | -- | -- | -- |
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| holding | Stock Option Grant | -- | -- | -- |
Footnotes (1)
- These options became fully exercisable on January 1, 2025. These options became fully exercisable on January 1, 2024. 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. These restricted stock units will vest, if at all, based on the Issuer's achievement of certain financial milestones. Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock. 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. 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. 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, 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. Represents the net issuance of 2,143 shares from the vesting of 4,142 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 1,999 shares. Represents the net issuance of 1,385 shares from the vesting of 2,677 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 1,292 shares.
