Murray Novelette 4

What Happened

• Murray Novelette, Chief Human Resources Officer of Liquidity Services (LQDT), had restricted stock units vest on Feb 13, 2026 and sold the net shares. Net sales: 1,398 + 2,122 + 1,882 = 5,402 shares at $30.57 each, producing total proceeds of $165,140 (breakdowns: $42,737; $64,870; $57,533).
• The underlying vesting events involved 2,118, 3,213 and 2,850 RSUs; the issuer withheld shares to cover taxes (720; 1,091; 968 respectively) and the remaining issued shares were sold under the issuer’s release method (sell-to-cover and sale of remaining shares). A separate 2,024 RSUs did not vest and were forfeited (see footnotes F16–F21, F22).

Key Details

• Transaction date: February 13, 2026. Report filed: February 17, 2026 (timely under SEC Form 4 rules).
• Sale price: $30.57 per share. Total proceeds: $165,140.
• Shares sold (net): 5,402. Gross RSUs that vested: 8,181; shares withheld for taxes: 2,779 (resulting net = 5,402).
• Footnotes: F16–F18 describe net issuance after tax withholding; F19–F21 explain the issuer’s sell-to-cover/sale process; F22 notes 2,024 RSUs forfeited for not meeting performance vesting.
• Transaction codes: M = exercise/conversion of derivative (vesting/conversion of RSUs/options at $0.00), J = other acquisition/disposition (sale). F = tax withholding events referenced in footnotes.

Context

• These transactions reflect compensation-related vesting and an immediate sale of shares to cover tax withholding and fees (common “sell-to-cover” and sale of remaining shares), not an open-market voluntary purchase. For derivative entries: the $0.00 amounts indicate conversion/vesting of RSUs (no cash exercise price).
• Such sales are typically routine to satisfy tax obligations or diversification needs and should be interpreted as compensation-related transactions rather than a direct signal of insider sentiment.