Mark A. Shaffer - 10 Jan 2022 Form 4 Insider Report for LIQUIDITY SERVICES INC (LQDT)

Footnote F1

Represents the net issuance of 5,302 shares from the vesting of 7,650 restricted stock units from which the federal and state withholding due at the vesting of such restricted stock units was satisfied by the issuer withholding 2,348 shares. The reporting person relinquished the shares and the issuer cancelled the shares and returned them to treasury in exchange for remitting federal and state tax withholding obligations of the reporting person resulting from the vesting of restricted stock units. Shares withheld represent an exempt transaction pursuant to Section 16b-3(e). No shares were sold by the reporting person.

Footnote F2

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

Footnote F3

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

Footnote F4

15/48th of this option grant vested on January 1, 2019 and thereafter, an additional 1/48th vests each month for thirty-three months.

Footnote F5

15/48th of this option grant vested on January 1, 2020 and thereafter, an additional 1/48th vests each month for thirty-three months.

Footnote F6

Twenty-five percent of this restricted stock unit grant vested on January 1, 2020 and thereafter, an additional 1/4th vests on each of January 1, 2021, January 1, 2022, and January 1, 2023.

Footnote F7

12/48th of this option grant vested on January 1, 2021 and thereafter, an additional 1/48th vests each month for thirty-six months.

Footnote F8

Twenty-five percent of this restricted stock unit grant vested on January 1, 2021 and thereafter, an additional 1/4th vests on each of January 1, 2022, January 1, 2023 and January 1, 2024.

Footnote F9

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.

Footnote F10

These options become exercisable, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.

Footnote F11

Represents the vesting of restricted stock units.

Footnote F12

These restricted stock units vest, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.

Footnote F13

Twenty-five percent of this restricted stock unit grant vested on January 1, 2022 and thereafter, an additional 1/4th will vest on each of January 1, 2023, January 1, 2024 and January 1, 2025.

Footnote F14

12/48th of this option grant will vest on January 1, 2023 and thereafter, an additional 1/48th will vest each month for thirty-six months.

Footnote F15

Twenty-five percent of this restricted stock unit grant will vest on January 1, 2023 and thereafter, an additional 1/4th will vest on each of January 1, 2024, January 1, 2025 and January 1, 2026.