# EDGAR Filing Document

**Accession Number:** 0001235468
**File Stem:** 0001677053-25-000009
**Filing Date:** 2025-12
**Character Count:** 10636
**Document Hash:** ab023c19d948068cf94751cf772b989c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001677053-25-000009.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001677053-25-000009

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251201

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Shaffer Mark A
- **CENTRAL INDEX KEY:** 0001677053

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51813
- **FILM NUMBER:** 251547289

**MAIL ADDRESS:**
- **STREET 1:** C/O LIQUIDITY SERVICES, INC.
- **STREET 2:** 6931 ARLINGTON RD STE 460
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LIQUIDITY SERVICES INC
- **CENTRAL INDEX KEY:** 0001235468
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 522209244
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**BUSINESS ADDRESS:**
- **STREET 1:** 6931 ARLINGTON ROAD
- **STREET 2:** SUITE 460
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 2024676868

**MAIL ADDRESS:**
- **STREET 1:** 6931 ARLINGTON ROAD
- **STREET 2:** SUITE 460
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>Shaffer Mark A<br><sub>(Last) (First) (Middle)</sub><br>C/O LIQUIDITY SERVICES, INC.<br>6931 ARLINGTON ROAD, SUTIE 460<br><sub>(Street)</sub><br>BETHESDA, MD 20814<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-01 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_VP, Gen. Counsel & Secretary_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>LIQUIDITY SERVICES INC [ LQDT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-12-01 |  | M<sup>(14)</sup> |  | 684 | A | $0 | 51758 | I | By The Mark A. Shaffer Revocable Trust |
| Common Stock | 2025-12-01 |  | M<sup>(15)</sup> |  | 1546 | A | $0 | 53304 | I | By The Mark A. Shaffer Revocable Trust |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Unit Grant | <sup>(2)</sup> |  |  |  |  |  |  | <sup>(8)</sup> | 2026-01-01 | Common Stock | 2180 |  | 2180 | D |  |
| Restricted Stock Unit Grant | <sup>(2)</sup> |  |  |  |  |  |  | <sup>(9)</sup> | 2027-01-01 | Common Stock | 6475 |  | 6475 | D |  |
| Restricted Stock Unit Grant | <sup>(2)</sup> |  |  |  |  |  |  | <sup>(10)</sup> | 2028-01-01 | Common Stock | 10972 |  | 10972 | D |  |
| Restricted Stock Unit Grant | <sup>(2)</sup> |  |  |  |  |  |  | <sup>(6)</sup> | 2029-01-01 | Common Stock | 12650 |  | 12650 | D |  |
| Restricted Stock Unit Grant | <sup>(2)</sup> |  |  |  |  |  |  | <sup>(13)</sup> | 2030-01-01 | Common Stock | 14250 |  | 14250 | D |  |
| Restricted Stock Unit Grant | <sup>(2)</sup> |  |  |  |  |  |  | <sup>(11)</sup> | 2026-01-01 | Common Stock | 5232 |  | 5232 | D |  |
| Restricted Stock Unit Grant | <sup>(2)</sup> |  |  |  |  |  |  | <sup>(11)</sup> | 2029-01-01 | Common Stock | 12650 |  | 12650 | D |  |
| Restricted Stock Unit Grant | <sup>(2)</sup> |  |  |  |  |  |  | <sup>(11)</sup> | 2030-01-01 | Common Stock | 14250 |  | 14250 | D |  |
| Stock Option Grant | $17.31 |  |  |  |  |  |  | <sup>(5)</sup> | 2033-12-22 | Common Stock | 8622 |  | 8622 | D |  |
| Stock Option Grant | $21.62 |  |  |  |  |  |  | <sup>(7)</sup> | 2034-10-30 | Common Stock | 10700 |  | 10700 | D |  |
| Stock Option Grant | $23.52 |  |  |  |  |  |  | <sup>(12)</sup> | 2035-10-29 | Common Stock | 13750 |  | 13750 | D |  |
| Stock Option Grant | $22.2 |  |  |  |  |  |  | <sup>(3)</sup> | 2031-12-07 | Common Stock | 4644 |  | 4644 | D |  |
| Stock Option Grant | $17.31 |  |  |  |  |  |  | <sup>(3)</sup> | 2033-12-22 | Common Stock | 11825 |  | 11825 | D |  |
| Stock Option Grant | $21.62 |  |  |  |  |  |  | <sup>(3)</sup> | 2034-10-30 | Common Stock | 10700 |  | 10700 | D |  |
| Stock Option Grant | $23.52 |  |  |  |  |  |  | <sup>(3)</sup> | 2035-10-29 | Common Stock | 13750 |  | 13750 | D |  |
| Stock Option Grant | $22.2 |  |  |  |  |  |  | <sup>(1)</sup> | 2031-12-07 | Common Stock | 322 |  | 322 | D |  |
| Stock Option Grant | $14 |  |  |  |  |  |  | <sup>(4)</sup> | 2032-12-23 | Common Stock | 3035 |  | 3035 | D |  |
| Stock Option Grant | $14 |  |  |  |  |  |  | <sup>(3)</sup> | 2032-12-23 | Common Stock | 4162 |  | 4162 | D |  |
| Restricted Stock Unit Grant | <sup>(2)</sup> | 2025-12-01 |  | M |  |  | 1295 | <sup>(11)</sup> | 2026-01-01 | Common Stock | 6475 | $0 | 5180 | D |  |
| Restricted Stock Unit Grant | <sup>(2)</sup> | 2025-12-01 |  | M |  |  | 2926 | <sup>(11)</sup> | 2027-01-01 | Common Stock | 10241 | $0 | 7315 | D |  |

---

### Footnotes:

(1) 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.

(2) Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock.

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

(4) 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.

(5) 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.

(6) 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.

(7) 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.

(8) 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

(9) 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.

(10) 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.

(11) These restricted stock units vest, if at all, based on the Issuer's achievement of certain financial milestones.

(12) 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.

(13) 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.

(14) Represents the net issuance of 684 shares from the vesting of 1,295 restricted stock units from which the federal and state withholding due at the vesting of such restricted stock units wassatisfied by the issuer withholding 611 shares.

(15) Represents the net issuance of 1,546 shares from the vesting of 2,926 restricted stock units from which the federal and state withholding due at the vesting of such restricted stock units wassatisfied by the issuer withholding 1,380 shares.

**Signature:** /s/ Mark A. Shaffer  
**Date:** 2025-12-03

### Remarks:

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.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**