Form 4: Liquidity Services CFO Exercises Options, Sells Shares
Insider Transaction Report
Liquidity Services' EVP & CFO, Jorge Celaya, reported exercising stock options and selling common stock, primarily through a revocable trust.
Summary
- Jorge Celaya, EVP & Chief Financial Officer of Liquidity Services Inc. (LQDT), reported multiple transactions involving the company's common stock.
- On November 26, 2025, Celaya exercised stock options to acquire 8,008 shares at $6.69 per share, 1,858 shares at $9.46 per share, and an additional 2,349 shares at $6.69 per share after withholding 3,413 shares for costs and taxes.
- On the same date, Celaya disposed of 15,114 shares of common stock at a price of $30.24 per share.
- On December 1, 2025, Celaya exercised stock options to acquire 3,000 shares at $9.46 per share and an additional 943 shares at $9.46 per share after withholding 1,689 shares for costs and taxes.
- Also on December 1, 2025, Celaya disposed of 2,451 shares of common stock at a price of $30.01 per share.
- All reported common stock transactions were held indirectly by the Jorge Celaya Revocable Trust.
- Following these transactions, the indirect beneficial ownership of common stock by the trust stands at 34,308 shares.
- The filing also details various outstanding Restricted Stock Unit (RSU) grants and Stock Option grants with different vesting schedules and expiration dates, some of which are contingent on the Issuer's achievement of certain financial milestones.
Sentiment
Score: 5
Explanation: The sentiment is neutral. While the insider exercised options at a profit, they also sold a significant number of shares, reducing their overall beneficial ownership. This is a common practice for liquidity and diversification but does not inherently signal strong positive or negative company performance.
Positives
- The exercise of stock options indicates the insider is realizing value from previously granted equity compensation.
- Options were exercised at significantly lower prices ($6.69 and $9.46) compared to the sale prices ($30.24 and $30.01), indicating a profitable transaction for the insider.
Negatives
- The insider sold a total of 17,565 shares of common stock, reducing their overall beneficial ownership in the company.
- Net beneficial ownership of common stock held indirectly by the trust decreased from 47,930 shares to 34,308 shares after all reported transactions.
Risks
- Some Restricted Stock Unit grants and Stock Option grants are contingent on the Issuer's achievement of certain financial milestones, meaning they may not vest if performance targets are not met.
Future Outlook
NA
Industry Context
This filing is a standard insider transaction report and does not provide information directly related to broader industry trends or competitors. It reflects an individual executive's personal equity management decisions.
Related Party Transactions
- All common stock transactions were conducted indirectly through the Jorge Celaya Revocable Trust, a common arrangement for executive personal holdings.
Stakeholder Impact
- Shareholders may interpret the insider selling as a signal, though it is a common practice for executives to diversify holdings or manage liquidity after option exercises.
Next Steps
- Future vesting of various Restricted Stock Unit grants on specified dates, some contingent on financial milestones.
- Future vesting of various Stock Option grants on specified dates, some contingent on financial milestones.
Key Dates
| Date | Description |
|---|---|
| 01/01/2023 | Vesting start date for a Restricted Stock Unit grant (25% vests annually) and 12/48th of a stock option grant vested, with additional 1/48th monthly for 36 months. |
| 01/01/2024 | Options became fully exercisable for a stock option grant; vesting start date for a Restricted Stock Unit grant (25% vests annually); 12/48th of a stock option grant vested, with additional 1/48th monthly for 36 months. |
| 01/01/2025 | Options became fully exercisable for a stock option grant; vesting start date for multiple Restricted Stock Unit grants (25% vests annually); 12/48th of a stock option grant vested, with additional 1/48th monthly for 36 months. |
| 11/26/2025 | Transaction date for multiple stock option exercises and common stock sales by Jorge Celaya. |
| 12/01/2025 | Transaction date for multiple stock option exercises and common stock sales by Jorge Celaya; date of filing signature. |
| 01/01/2026 | Vesting date for multiple Restricted Stock Unit grants (25% vests annually); 12/48th of a stock option grant will vest, with additional 1/48th monthly for 36 months. |
| 01/01/2027 | Vesting date for multiple Restricted Stock Unit grants (25% vests annually); 12/48th of a stock option grant will vest, with additional 1/48th monthly for 36 months. |
| 01/01/2028 | Vesting date for multiple Restricted Stock Unit grants (25% vests annually). |
| 01/01/2029 | Vesting date for multiple Restricted Stock Unit grants (25% vests annually). |
| 12/03/2029 | Expiration date for a stock option grant. |
| 01/01/2030 | Vesting date for a Restricted Stock Unit grant (25% vests annually). |
| 12/01/2030 | Expiration date for a stock option grant. |
| 12/07/2031 | Expiration date for a stock option grant. |
| 12/23/2032 | Expiration date for a stock option grant. |
| 12/22/2033 | Expiration date for a stock option grant. |
| 10/30/2034 | Expiration date for a stock option grant. |
| 10/29/2035 | Expiration date for a stock option grant. |
Keywords
Insider Trading, Form 4, Stock Options, Restricted Stock Units, Equity Compensation, Share Sale, Liquidity Services, LQDT, CFO, Beneficial Ownership
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