Form 4: Liquidity Services CEO Converts RSUs to Common Stock
Insider Transaction Report
Liquidity Services' Chairman and CEO, William P. Angrick III, converted restricted stock units into 19,827 shares of common stock on August 25, 2025.
Summary
- William P. Angrick III, Chairman of the Board and CEO, Director, and 10% Owner of Liquidity Services Inc. (LQDT), reported transactions on August 25, 2025.
- He acquired 13,664 shares of common stock through the exercise of restricted stock units (RSUs) at a price of $0.00.
- He also acquired an additional 6,163 shares of common stock through the exercise of RSUs at a price of $0.00.
- These 19,827 newly acquired shares are held indirectly by the William P. Angrick III Revocable Trust.
- Following these transactions, the William P. Angrick III Revocable Trust beneficially owns 5,064,391 shares of common stock.
- The filing also details various other outstanding RSU grants and stock option grants held directly by Mr. Angrick, with different vesting schedules and exercise prices, which were not part of the current transactions.
Sentiment
Score: 7
Explanation: The filing reports the conversion of restricted stock units into common stock by the CEO, which is a routine and positive event for the executive, increasing their direct ownership in the company. This generally signals alignment of interests with shareholders.
Positives
- The CEO's acquisition of 19,827 shares of common stock through RSU conversions is a standard component of executive compensation, indicating a vesting event.
- The increase in the CEO's direct and indirect common stock holdings can be viewed as a positive signal, aligning his interests more closely with those of other shareholders.
Related Party Transactions
- The acquired shares are held indirectly by the William P. Angrick III Revocable Trust, a trust for the benefit of the reporting person.
- Other beneficial ownership is held by the William P. Angrick III 2005 Irrevocable Trust, the Stephanie S. Angrick 2005 Irrevocable Trust, and the Stephanie S. Angrick Revocable Trust, which are trusts for the benefit of the reporting person or their spouse.
Stakeholder Impact
- Shareholders: The increase in the CEO's direct and indirect ownership aligns his interests more closely with those of other shareholders, potentially fostering confidence in management's long-term commitment to the company.
Key Dates
| Date | Description |
|---|---|
| 10/01/2019 | Stock options with an exercise price of $7.29 became fully exercisable. |
| 10/01/2020 | Stock options with an exercise price of $9.13 became fully exercisable. |
| 10/01/2021 | Stock options with an exercise price of $4.92 became fully exercisable. |
| 10/01/2022 | Stock options with an exercise price of $6.72 became fully exercisable. |
| 01/01/2023 | First 25% vesting date for a Restricted Stock Unit Grant (17) and 12/48th of a stock option grant ($24.42 exercise price) vested, with additional 1/48th vesting monthly for 36 months. |
| 01/01/2024 | First 25% vesting date for a Restricted Stock Unit Grant (18) and 12/48th of a stock option grant ($15.4 exercise price) vested, with additional 1/48th vesting monthly for 36 months. Also, stock options with an exercise price of $7.36 became fully exercisable. |
| 01/01/2025 | First 25% vesting date for a Restricted Stock Unit Grant (19) and 12/48th of a stock option grant ($19.04 exercise price) will vest, with additional 1/48th vesting monthly for 36 months. Also, stock options with an exercise price of $10.41 became fully exercisable. |
| 08/25/2025 | Date of reported transactions where 19,827 Restricted Stock Units were exercised and converted into common stock. |
| 09/09/2025 | Signature date of the reporting person's power of attorney. |
| 12/22/2025 | Expiration date for stock options with an exercise price of $7.29. |
| 01/01/2026 | Expiration date for a Restricted Stock Unit Grant (17) and first 25% vesting date for a Restricted Stock Unit Grant (15). Also, 12/48th of a stock option grant ($23.78 exercise price) will vest, with additional 1/48th vesting monthly for 36 months. |
| 03/03/2027 | Expiration date for stock options with an exercise price of $9.13. |
| 01/01/2027 | Expiration date for a Restricted Stock Unit Grant (18) and second 25% vesting date for a Restricted Stock Unit Grant (15). |
| 12/11/2027 | Expiration date for stock options with an exercise price of $4.92. |
| 01/01/2028 | Expiration date for a Restricted Stock Unit Grant (19) and third 25% vesting date for a Restricted Stock Unit Grant (15). |
| 12/04/2028 | Expiration date for stock options with an exercise price of $6.72. |
| 01/01/2029 | Expiration date for a Restricted Stock Unit Grant (15). |
| 12/03/2029 | Expiration date for stock options with an exercise price of $7.36. |
| 12/01/2030 | Expiration date for stock options with an exercise price of $10.41. |
| 12/07/2031 | Expiration date for stock options with an exercise price of $24.42. |
| 12/23/2032 | Expiration date for stock options with an exercise price of $15.4. |
| 12/22/2033 | Expiration date for stock options with an exercise price of $19.04. |
| 10/30/2034 | Expiration date for stock options with an exercise price of $23.78. |
Recommendation
holdThis Form 4 filing details routine executive compensation events, specifically the vesting and conversion of Restricted Stock Units into common stock by the CEO. While it increases the CEO's beneficial ownership, which is generally a positive signal of alignment, it does not present new fundamental information about the company's operational performance, strategic direction, or financial health that would warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate, maintaining current positions while awaiting more substantive corporate updates.
Keywords
Liquidity Services, LQDT, Form 4, Insider Transaction, Beneficial Ownership, Restricted Stock Units, Stock Options, Executive Compensation, William P. Angrick III
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