Form 4: Liquidity Services CEO Boosts Stake via Option Exercise
Insider Transaction Report
Liquidity Services CEO William P. Angrick III exercised stock options, increasing his beneficial ownership in the company.
Summary
- William P. Angrick III, Chairman of the Board and CEO of Liquidity Services, Inc. (LQDT), reported transactions on November 19, 2025.
- Exercised stock options to acquire 11,258 shares of common stock at an exercise price of $10.41 per share.
- Exercised stock options to acquire an additional 56,193 shares of common stock at an exercise price of $7.29 per share.
- A total of 67,451 shares were acquired through these option exercises.
- Following these transactions, his indirect beneficial ownership through the William P. Angrick III Revocable Trust increased to 5,131,842 shares.
- He also indirectly beneficially owns 873,379 shares via the William P. Angrick III 2005 Irrevocable Trust, 575,513 shares via the Stephanie S. Angrick 2005 Irrevocable Trust, and 114,699 shares via the Stephanie S. Angrick Revocable Trust.
- Many of his remaining derivative holdings, including Restricted Stock Units and Stock Options, are subject to vesting based on the Issuer's achievement of certain financial milestones.
Sentiment
Score: 6
Explanation: The filing indicates an insider (CEO) increasing their beneficial ownership through option exercises, which is generally viewed as a positive signal of confidence. However, it's a routine disclosure and doesn't contain new operational or financial performance data, hence a moderately positive score.
Positives
- CEO William P. Angrick III increased his beneficial ownership in Liquidity Services by exercising stock options, which can be interpreted as a signal of confidence in the company's future prospects.
- The reported transactions were made pursuant to a Rule 10b5-1(c) plan, indicating pre-planned and systematic transactions designed to comply with insider trading regulations.
Risks
- A substantial portion of the CEO's unvested Restricted Stock Units and Stock Options are contingent on Liquidity Services achieving specific financial milestones, introducing uncertainty regarding their ultimate realization.
Future Outlook
The CEO holds a significant number of unvested Restricted Stock Units and stock options, many of which are performance-based and will vest over the coming years, contingent on the company's financial performance and continued service.
Industry Context
This Form 4 filing is a routine disclosure of insider transactions and does not provide broader industry context. However, insider buying or option exercises can sometimes be interpreted by the market as a signal of management's confidence in the company's future prospects within its industry.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Transaction Plan Disclosure | The reported transactions were 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). | 11/19/2025 | Indicates pre-planned transactions designed to comply with insider trading regulations, reducing the perception of opportunistic trading. |
Related Party Transactions
- Shares are held indirectly through various trusts, including the William P. Angrick III Revocable Trust, William P. Angrick III 2005 Irrevocable Trust, Stephanie S. Angrick 2005 Irrevocable Trust, and Stephanie S. Angrick Revocable Trust. The reporting person disclaims beneficial ownership for some of these trusts.
Stakeholder Impact
- Shareholders: Increased insider ownership may be perceived as a positive signal of management confidence, potentially boosting investor sentiment.
Next Steps
- Continued vesting of various Restricted Stock Units and Stock Options held by the CEO, with many contingent on the Issuer's achievement of financial milestones.
Key Dates
| Date | Description |
|---|---|
| 10/01/2019 | Stock options for 56,193 shares became fully exercisable. |
| 10/01/2020 | Stock options for 38,000 shares became fully exercisable. |
| 10/01/2021 | Stock options for 68,938 shares became fully exercisable. |
| 10/01/2022 | Stock options for 105,247 shares became fully exercisable. |
| 01/01/2023 | 12/48th of a stock option grant (56,615 shares) vested, with an additional 1/48th vesting each month for thirty-six months. First 25% of a 15,700 RSU grant vested. |
| 01/01/2024 | Stock options for 124,401 shares became fully exercisable. 12/48th of a stock option grant (53,125 shares) vested, with an additional 1/48th vesting each month for thirty-six months. First 25% of a 34,160 RSU grant vested. |
| 01/01/2025 | Stock options for 11,258 shares became fully exercisable. 12/48th of a stock option grant (50,170 shares) vested, with an additional 1/48th vesting each month for thirty-six months. First 25% of a 46,226 RSU grant vested. |
| 11/19/2025 | Date of stock option exercises by William P. Angrick III. |
| 11/21/2025 | Date the Form 4 was signed. |
| 12/22/2025 | Expiration date for 56,193 stock options. |
| 01/01/2026 | Vesting date for various Restricted Stock Units (15,700, 37,680, 34,160 shares). 12/48th of a stock option grant (53,550 shares) will vest, with an additional 1/48th vesting each month for thirty-six months. Vesting date for 25% of a 63,050 RSU grant. |
| 03/03/2027 | Expiration date for 38,000 and 27,360 stock options. |
| 01/01/2027 | Vesting date for various Restricted Stock Units (34,160, 43,145 shares). Vesting date for 25% of a 63,050 RSU grant. 12/48th of a stock option grant (71,550 shares) will vest, with an additional 1/48th vesting each month for thirty-six months. |
| 12/11/2027 | Expiration date for 68,938 stock options. |
| 01/01/2028 | Vesting date for 25% of a 63,050 RSU grant. |
| 12/04/2028 | Expiration date for 124,200 and 105,247 stock options. |
| 01/01/2029 | Vesting date for various Restricted Stock Units (63,050 shares). Vesting date for 25% of a 63,050 RSU grant. |
| 12/03/2029 | Expiration date for 139,900 and 124,401 stock options. |
| 01/01/2030 | Vesting date for various Restricted Stock Units (80,550 shares). |
| 12/01/2030 | Expiration date for 131,950 stock options. |
| 12/07/2031 | Expiration date for 56,615 stock options. |
| 12/23/2032 | Expiration date for 53,125 stock options. |
| 12/22/2033 | Expiration date for 50,170 stock options. |
| 10/30/2034 | Expiration date for 53,550 stock options. |
| 10/29/2035 | Expiration date for 71,550 stock options. |
Keywords
Liquidity Services, LQDT, Insider Transaction, Form 4, Stock Options, Restricted Stock Units, CEO, Beneficial Ownership, William P. Angrick III, SEC Filing
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