SEC FORM 4

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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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^*

Murray Novelette

(Last)

(First)

(Middle)

6931 ARLINGTON ROAD SUITE 460

(Street)

BETHESDA

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
X	Officer (give title below)	Other (specify below)
	Chief Human Resources Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	12/01/2025		M⁽¹⁷⁾		686	A	$0	25,858	D
Common Stock	12/01/2025		J⁽¹⁸⁾		686	D	$29.99	25,172	D
Common Stock	12/01/2025		M⁽¹⁹⁾		1,418	A	$0	26,590	D
Common Stock	12/01/2025		J⁽²⁰⁾		1,418	D	$29.99	25,172	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Unit Grant	⁽²⁾							⁽¹²⁾	01/01/2026	Common Stock	1,745		1,745	D
Restricted Stock Unit Grant	⁽²⁾							⁽¹³⁾	01/01/2027	Common Stock	5,177		5,177	D
Restricted Stock Unit Grant	⁽²⁾							⁽¹⁴⁾	01/01/2028	Common Stock	8,032		8,032	D
Restricted Stock Unit Grant	⁽²⁾							⁽¹¹⁾	01/01/2029	Common Stock	9,500		9,500	D
Restricted Stock Units	⁽²⁾							⁽³⁾	01/01/2026	Common Stock	4,188		4,188	D
Restricted Stock Unit Grant	⁽²⁾							⁽³⁾	01/01/2029	Common Stock	9,500		9,500	D
Stock Option Grant	$10.3							⁽⁵⁾	02/02/2027	Common Stock	1,850		1,850	D
Stock Option Grant	$9.46							⁽¹⁾	12/01/2030	Common Stock	7,693		7,693	D
Stock Option Grant	$22.2							⁽⁷⁾	12/07/2031	Common Stock	6,190		6,190	D
Stock Option Grant	$14							⁽⁸⁾	12/23/2032	Common Stock	5,027		5,027	D
Stock Option Grant	$17.31							⁽⁹⁾	12/22/2033	Common Stock	8,660		8,660	D
Stock Option Grant	$21.62							⁽¹⁰⁾	10/30/2034	Common Stock	8,000		8,000	D
Stock Option Grant	$10.3							⁽⁴⁾	02/02/2027	Common Stock	1,054		1,054	D
Stock Option Grant	$22.2							⁽⁶⁾	12/07/2031	Common Stock	6,190		6,190	D
Stock Option Grant	$14							⁽⁶⁾	12/23/2032	Common Stock	8,320		8,320	D
Stock Option Grant	$17.31							⁽⁶⁾	12/22/2033	Common Stock	8,660		8,660	D
Stock Option Grant	$21.62							⁽⁶⁾	10/30/2034	Common Stock	8,000		8,000	D
Stock Option Grant	$23.5							⁽¹⁵⁾	10/29/2035	Common Stock	10,150		10,150	D
Restricted Stock Unit Grant	⁽²⁾							⁽³⁾	01/01/2030	Common Stock	10,550		10,550	D
Restricted Stock Unit Grant	⁽²⁾							⁽¹⁶⁾	01/01/2030	Common Stock	10,550		10,550	D
Stock Option Grant	$23.5							⁽⁶⁾	10/29/2035	Common Stock	10,150		10,150	D
Restricted Stock Unit Grant	⁽²⁾	12/01/2025		M			1,036	⁽³⁾	01/01/2026	Common Stock	5,178	$0	4,142	D
Restricted Stock Unit Grant	⁽²⁾	12/01/2025		M			2,142	⁽³⁾	01/01/2027	Common Stock	7,497	$0	5,355	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. These restricted stock units will vest, if at all, based on the Issuer's achievement of certain financial milestones.

4. 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.

5. 15/48th of this option grant vested on January 1, 2018 and thereafter, an additional 1/48th vests each month for thirty-three months.

6. These options become exercisable, if at all, based on the Issuer's achievement of certain financial milestones.

7. 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.

8. 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.

9. 12/48th of this option grant vested on January 1, 2025 and thereafter, an additional 1/48th will vest each month for thirty-six months.

10. 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.

11. 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.

12. 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.

13. 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.

14. 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.

15. 12/48th of this option grant will vest on January 1, 2027, and, thereafter, an additional 1/48th will vest each month for thirty-six months.

16. Twenty-five percent of this restricted stock unit grant vests on each of January 1, 2027, January 1, 2028, January 1, 2029 and January 1, 2030.

17. Represents the net issuance of 686 shares from the vesting of 1,036 restricted stock units from which the federal and state withholding due at the vesting of such restricted stock units wassatisfied by the issuer withholding 350 shares.

18. In accordance with the Issuer's policies, the reporting person elected the following release method with respect to the vesting of restricted stock units: shares are withheld to cover taxes andremaining shares are sold. The sale proceeds are used to cover fees and the balance is received by the reporting person in cash. This transaction reflects the sale of the 686 shares receivedby the reporting person in connection with the vesting of 1,036 restricted stock units.

19. Represents the net issuance of 1,418 shares from the vesting of 2,142 restricted stock units from which the federal and state withholding due at the vesting of such restricted stock units wassatisfied by the issuer withholding 724 shares.

20. In accordance with the Issuer's policies, the reporting person elected the following release method with respect to the vesting of restricted stock units: shares are withheld to cover taxes andremaining shares are sold. The sale proceeds are used to cover fees and the balance is received by the reporting person in cash. This transaction reflects the sale of the 1,418 shares receivedby the reporting person in connection with the vesting of 2,142 restricted stock units.

	/s/ Mark A. Shaffer, by power of attorney	12/03/2025
	** 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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