[Form 4] Liquidity Services, Inc. Insider Trading Activity

Rhea-AI Filing Summary

William P. Angrick III, Chairman of the Board and CEO of Liquidity Services, Inc. (LQDT), reported multiple insider transactions dated 08/25/2025. The filing shows acquisitions of 13,664 and 6,163 shares of common stock (both reported as "A" transactions) and reports total indirect beneficial ownership of 5,064,391 shares held in the William P. Angrick III Revocable Trust. The Form 4 also lists extensive outstanding derivative awards including restricted stock units that vest on specified future dates and numerous stock option grants with stated exercise prices and vesting provisions. The filing is signed by a power of attorney on 09/09/2025.

Positive

• Reported acquisitions of 13,664 and 6,163 common shares on 08/25/2025 (both listed as A transactions).
• Substantial indirect ownership: 5,064,391 shares held in the William P. Angrick III Revocable Trust, indicating significant insider stake.
• Detailed equity incentives disclosed: multiple restricted stock unit grants and stock option grants with explicit exercise prices and vesting schedules, showing alignment of management compensation with long-term performance.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: The CEO increased his reported holdings and retains substantial indirect ownership, aligning management and shareholder interests.

The report documents voluntary acquisitions on 08/25/2025 and shows the CEOs indirect ownership of 5,064,391 shares held in a revocable trust. The filing also catalogs outstanding equity-based compensation including time- and performance-vesting restricted stock units and multiple option grants with explicit exercise prices and vesting schedules. From a governance perspective, the mix of revocable trust holdings, RSUs, and long-dated options suggests continued incentive alignment between management and shareholders without any disclosed dispositions or unusual transfers.

Securities Analyst

TL;DR: Insiders acquired modest additional shares and hold significant indirect positions; materiality to valuation appears limited based on disclosed amounts.

The Form 4 reports acquisitions of 13,664 and 6,163 common shares on 08/25/2025 and lists aggregate indirect holdings of 5,064,391 shares via the reporting persons revocable trust, plus additional shares held in related trusts. The filing details numerous RSU grants and option awards with specific exercise prices and vesting conditions, including performance-based vesting for certain awards. These disclosures clarify future dilution potential from outstanding awards but do not include financings, dispositions, or other events that would directly alter capital structure today.

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Angrick William P III

(Last) (First) (Middle)

C/O LIQUIDITY SERVICES, INC.

6931 ARLINGTON ROAD, SUITE 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)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman of the Board and CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

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	08/25/2025		M		13,664	A	$0	5,058,228	I	By the William P. Angrick III Revocable Trust(16)
Common Stock	08/25/2025		M		6,163	A	$0	5,064,391	I	By the William P. Angrick III Revocable Trust(16)
Common Stock								873,379	I	By the William P. Angrick III 2005 Irrevocable Trust(16)
Common Stock								575,513	I	By the Stephanie S. Angrick 2005 Irrevocable Trust(1)
Common Stock								114,699	I	By the Stephanie S. Angrick Revocable Trust(1)

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)							(17)	01/01/2026	Common Stock	15,700		15,700	D
Restricted Stock Unit Grant	(2)							(18)	01/01/2027	Common Stock	34,160		34,160	D
Restricted Stock Unit Grant	(2)							(19)	01/01/2028	Common Stock	46,226		46,226	D
Restricted Stock Unit Grant	(2)							(15)	01/01/2029	Common Stock	63,050		63,050	D
Restricted Stock Unit Grant	(2)							(5)	01/01/2026	Common Stock	37,680		37,680	D
Restricted Stock Unit Grant	(2)	08/25/2025		M			13,664	(5)	01/01/2026	Common Stock	47,824	$0	34,160	D
Restricted Stock Unit Grant	(2)	08/25/2025		M			6,163	(5)	01/01/2027	Common Stock	49,308	$0	43,145	D
Restricted Stock Unit Grant	(2)							(5)	01/01/2029	Common Stock	63,050		63,050	D
Stock Option Grant	$7.29							(11)	12/22/2025	Common Stock	56,193		56,193	D
Stock Option Grant	$9.13							(6)	03/03/2027	Common Stock	38,000		38,000	D
Stock Option Grant	$9.13							(3)	03/03/2027	Common Stock	27,360		27,360	D
Stock Option Grant	$4.92							(7)	12/11/2027	Common Stock	68,938		68,938	D
Stock Option Grant	$4.92							(3)	12/11/2027	Common Stock	48,019		48,019	D
Stock Option Grant	$6.72							(3)	12/04/2028	Common Stock	124,200		124,200	D
Stock Option Grant	$6.72							(8)	12/04/2028	Common Stock	105,247		105,247	D
Stock Option Grant	$7.36							(3)	12/03/2029	Common Stock	139,900		139,900	D
Stock Option Grant	$7.36							(10)	12/03/2029	Common Stock	124,401		124,401	D
Stock Option Grant	$10.41							(12)	12/01/2030	Common Stock	131,950		131,950	D
Stock Option Grant	$10.41							(3)	12/01/2030	Common Stock	131,950		131,950	D
Stock Option Grant	$24.42							(3)	12/07/2031	Common Stock	56,615		56,615	D
Stock Option Grant	$24.42							(4)	12/07/2031	Common Stock	56,615		56,615	D
Stock Option Grant	$15.4							(3)	12/23/2032	Common Stock	53,125		53,125	D
Stock Option Grant	$15.4							(13)	12/23/2032	Common Stock	53,125		53,125	D
Stock Option Grant	$19.04							(3)	12/22/2033	Common Stock	50,170		50,170	D
Stock Option Grant	$19.04							(14)	12/22/2033	Common Stock	50,170		50,170	D
Stock Option Grant	$23.78							(9)	10/30/2034	Common Stock	53,550		53,550	D
Stock Option Grant	$23.78							(3)	10/30/2034	Common Stock	53,550		53,550	D

Explanation of Responses:

1. These shares are held in a trust for the benefit of the reporting person's spouse, who is also trustee of the trust. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of the securities for the purposes of Section 16 or for any other purpose.

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, 2023 and thereafter, an additional 1/48th will vest each month for thirty-six months.

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

6. These options became fully exercisable on October 1, 2020.

7. These options became fully exercisable on October 1, 2021.

8. These options became fully exercisable on October 1, 2022.

9. 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.

10. These options became fully exercisable on January 1, 2024.

11. These options became fully exercisable on October 1, 2019.

12. These options became fully exercisable on January 1, 2025.

13. 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.

14. 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.

15. 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.

16. These shares are held in a trust for the benefit of the reporting person. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of the securities for the purposes of Section 16 or for any other purpose.

17. 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.

18. 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.

19. 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.

	/s/ Mark A. Shaffer, by power of attorney	09/09/2025
	** 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).
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FAQ

How many shares did William P. Angrick III acquire on 08/25/2025?

The Form 4 reports acquisitions of 13,664 and 6,163 shares of Liquidity Services, Inc. common stock on 08/25/2025.

What is William P. Angrick IIIs total reported beneficial ownership in LQDT?

The filing reports 5,064,391 shares held indirectly in the William P. Angrick III Revocable Trust, plus additional shares held in related trusts as listed.

Does the Form 4 disclose any stock option grants and their exercise prices?

Yes. The filing lists numerous stock option grants with exercise prices including $7.29, $9.13, $4.92, $6.72, $7.36, $10.41, $24.42, $15.40, $19.04, and $23.78 tied to specified grant dates and vesting rules.

Are any restricted stock units time- or performance-vested?

Yes. The filing states restricted stock units are economic equivalents of common shares; several RSU grants have time-based vesting on January 1 of future years and some RSUs will vest only if certain financial milestones are achieved.

Who signed the Form 4 and when?

The Form 4 was signed by Mark A. Shaffer by power of attorney on 09/09/2025.