Angrick William P III 4

What Happened

• William P. Angrick III, identified as a 10% owner of Liquidity Services, exercised/converted derivatives on February 13, 2026 for a total of 51,380 shares (13,974 + 18,491 + 18,915). Each exercise shows an exercise price of $0. The same 51,380 shares were recorded as disposed the same day (derivative disposition entries).

Key Details

• Transaction date: February 13, 2026; Form 4 filed: February 17, 2026 (within required reporting window).
• Transaction code: M (exercise or conversion of derivative).
• Shares exercised/converted (total): 51,380; exercise price reported: $0; reported dollar value of transactions: $0.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Relevant footnotes: report indicates certain shares are held in trusts for the benefit of the reporting person or the reporting person’s spouse and that the reporting person disclaims beneficial ownership of those trust shares (see footnotes F1 and F14). Several footnotes describe vesting schedules for underlying awards/options.
• This was not an open-market sale for cash—shares were exercised/converted and then recorded as disposed (derivative transfer), not shown as a market sale.

Context

• For retail investors: an "M" code means options or other derivatives were exercised/converted. Because these shares were recorded as disposed the same day and the filing references trusts and ownership disclaimers, this looks like an internal transfer (e.g., into trust or to a spouse/trustee) rather than a sale to the public — not necessarily a negative signal about the company.
• As a 10% owner, Angrick's transactions are reported under Section 16 rules and can reflect estate/compensation/transfer activity as well as investment decisions.