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SEC FORM 4 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 		 
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checkbox unchecked Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
checkbox unchecked 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*
Murray Novelette
(Last) (First) (Middle)
6931 ARLINGTON ROAD SUITE 200
(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)
Director 10% Owner
checkbox checked Officer (give title below) Other (specify below)
Chief Human Resources Officer
3. Date of Earliest Transaction (Month/Day/Year)
10/01/2024
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
checkbox checked 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 10/01/2024 M(17) 3,338 A $0 67,457 D
Common Stock 10/01/2024 M(18) 3,338 D $22.31 64,119 D
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) (3) 01/01/2025 Common Stock 1,475 1,475 D
Restricted Stock Unit Grant (2) (5) 01/01/2026 Common Stock 3,490 3,490 D
Restricted Stock Unit Grant (2) (6) 01/01/2027 Common Stock 7,766 7,766 D
Restricted Stock Unit Grant (2) (7) 01/01/2026 Common Stock 6,980 6,980 D
Restricted Stock Unit Grant (2) (8) 01/01/2026 Common Stock 10,355 10,355 D
Restricted Stock Unit Grant (2) (9) 01/01/2028 Common Stock 10,710 10,710 D
Restricted Stock Unit Grant (2) (8) 01/01/2027 Common Stock 10,710 10,710 D
Stock Option Grant $10.3 (10) 02/02/2027 Common Stock 1,054 1,054 D
Stock Option Grant $10.3 (11) 02/02/2027 Common Stock 1,850 1,850 D
Stock Option Grant $9.46 (12) 12/01/2030 Common Stock 400 400 D
Stock Option Grant $22.2 (13) 12/07/2031 Common Stock 6,190 6,190 D
Stock Option Grant $22.2 (14) 12/07/2031 Common Stock 6,190 6,190 D
Stock Option Grant $14 (12) 12/23/2032 Common Stock 8,320 8,320 D
Stock Option Grant $14 (15) 12/23/2032 Common Stock 5,027 5,027 D
Stock Option Grant $17.31 (12) 12/22/2033 Common Stock 8,660 8,660 D
Stock Option Grant $17.31 (16) 12/22/2033 Common Stock 8,660 8,660 D
Stock Option Grant $9.46 (1) 12/01/2030 Common Stock 7,693 7,693 D
Restrcited Stock Unit Grant (2) 10/01/2024 M 5,000 (4) 10/01/2024 Common Stock 5,000 $0 0 D
Explanation of Responses:
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.
2. Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock.
3. Twenty-five percent of this restricted stock unit grant vested on January 1, 2022 and thereafter, an additional 1/4th will vest on each of January 1, 2023, January 1, 2024 and January 1, 2025.
4. Twenty-five percent of this restricted stock unit grant vested on October 1, 2021 and thereafter, an additional 1/4th will vest on each of October 1, 2022, October 1, 2023, and October 1, 2024.
5. Twenty-five percent of this restricted stock unit grant vested on January 1, 2023 and thereafter, an additional 1/4th will vest on each of January 1, 2024, January 1, 2025 and January 1, 2026.
6. Twenty-five percent of this restricted stock unit grant will vest on January 1, 2024 and thereafter, an additional 1/4th will vest on each of January 1, 2025, January 1, 2026 and January 1, 2027.
7. These restricted stock units vest, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.
8. These restricted stock units will vest, if at all, based on the Issuer's achievement of certain financial milestones.
9. Twenty-five percent of this restricted stock unit grant will vest on January 1, 2025 and thereafter, an additional 1/4th will vest on each of January 1, 2026, January 1, 2027 and January 1, 2028.
10. 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.
11. 15/48th of this option grant vested on January 1, 2018 and thereafter, an additional 1/48th vests each month for thirty-three months.
12. These options become exercisable, if at all, based on the Issuer's achievement of certain financial milestones.
13. This option becomes exercisable, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.
14. 12/48th of this option grant will vest on January 1, 2023 and thereafter, an additional 1/48th will vest each month for thirty-six months.
15. 12/48th of this option grant will vest on January 1, 2024 and thereafter, an additional 1/48th will vest each month for thirty-six months.
16. 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.
17. Represents the net issuance of 3,338 shares from the vesting of 5,000 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 1,662 shares.
18. This transaction reflects the sale of 3,338 shares pursuant to the reporting person's release method election as described above.
/s/ Mark A. Shaffer, by power of attorney 10/02/2024
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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