Liquidity Services insider files RSU vesting, sells shares to cover taxes (LQDT)
Rhea-AI Filing Summary
Liquidity Services, Inc. (LQDT) insider activity: Chief Human Resources Officer Murray Novelette reported multiple equity transactions on 08/25/2025. The filing shows net issuances from vested restricted stock units (RSUs) of 1,383 and 715 shares (net after withholding) and corresponding sales of those shares at $26.62 per share. Following these transactions, the reporting person held 25,172 shares directly. The filing also lists numerous outstanding and newly reported equity awards, including stock option grants and time- and performance-based RSU grants scheduled to vest between 2026 and 2029. Transactions were reported by power of attorney signature on 09/09/2025.
Positive
- Vesting occurred, delivering net shares (1,383 and 715 shares net issued from RSU vesting)
- Management remains aligned with shareholders via multiple time- and performance-based RSUs and long-dated option grants through 2034
Negative
- Sale of vested shares (1,383 and 715 shares sold at $26.62 per share) reduced direct share holdings received from vesting
Insights
TL;DR: HR chief received and vested RSUs, sold net shares to cover tax withholding; multiple long-dated options and RSUs remain outstanding.
The Form 4 documents routine compensation-related equity activity rather than open-market strategic trades. Net issuances of 1,383 and 715 shares resulted from RSU vesting with withholding and subsequent sales at $26.62 per share to satisfy taxes and fees. The report enumerates significant outstanding equity awards — time- and performance-based RSUs and multiple option grants with strike prices from $9.46 to $22.20 and expirations through 2034 — which align management incentives with multi-year performance and transformation milestones.
Impact rating: 0 (neutral)
TL;DR: Filing reflects compliance with equity-plan withholding and Rule 16 reporting; no unexplained open-market purchases or non-plan transactions noted.
The filing indicates elections under issuer policy to withhold shares for tax and to sell remaining vested shares, consistent with routine plan administration. Multiple awards are subject to milestone-based vesting and strategic-transformation conditions, and certain option exercisability is contingent on company performance. All transactions are reported with codes identifying vesting (M) and sale to cover taxes (J) and are signed by a POA, suggesting standard administrative handling.
Impact rating: 0 (neutral)
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Unit Grant | 2,071 | $0.00 | -- |
| Exercise | Restricted Stock Unit Grant | 1,071 | $0.00 | -- |
| Exercise | Common Stock | 1,383 | $0.00 | -- |
| Other | Common Stock | 1,383 | $26.62 | $37K |
| Exercise | Common Stock | 715 | $0.00 | -- |
| Other | Common Stock | 715 | $26.62 | $19K |
| holding | Restricted Stock Unit Grant | -- | -- | -- |
| 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 | 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 | -- | -- | -- |
| holding | Stock Option Grant | -- | -- | -- |
Footnotes (1)
- 12/48th of this option grant vested on January 1, 2022 and thereafter, an additional 1/48th will vest each month for thirty-six months. 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 completion of the Issuer's strategic transformation as well as the Issuer's achievement of certain financial milestones. 15/48th of this option grant vested on January 1, 2018 and thereafter, an additional 1/48th vests each month for thirty-three months. 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, 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, 2025, January 1, 2026, January 1, 2027 and January 1, 2028. In accordance with the Issuer's policies, the reporting person has elected that each time RSUs vest, shares are withheld by the issuer to cover taxes and any 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 1,383 shares received by the reporting person pursuant to the election described in the immediately preceding sentence. In accordance with the Issuer's policies, the reporting person has elected that each time RSUs vest, shares are withheld by the issuer to cover taxes and any 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 715 shares received by the reporting person pursuant to the election described in the immediately preceding sentence. Represents the net issuance of 1,383 shares from the vesting of 2,071 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 688 shares. Represents the net issuance of 715 shares from the vesting of 1,071 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 356 shares.
