Murray Novelette 4

What Happened

• Murray Novelette, Chief Human Resources Officer of Liquidity Services, exercised multiple stock options on March 11, 2026 and sold a portion of the resulting shares. He acquired 12,423 shares via option exercises at various exercise prices (examples: 610 @ $22.20, 7,693 @ $9.46, 1,850 @ $10.30, 1,054 @ $6.69), paying about $133,477 in aggregate for the acquired shares reported. He concurrently sold 1,826 shares in the open market at $31.50 each, generating $57,520 in proceeds. Net effect from the reported transactions: +10,597 shares (12,423 acquired − 1,826 sold).

Key Details

• Transaction date: March 11, 2026; Form 4 filed March 13, 2026 (timely within the standard 2-business-day window).
• Sales: 1,826 shares sold at $31.50 each for $57,520 total.
• Exercises (net acquired): 12,423 shares acquired via option exercises; listed exercise prices ranged roughly from $6.69 to $22.20; reported cash paid for those acquired shares ≈ $133,477.
• Withholding: Per footnotes (F16–F19), 5,122 shares were withheld by the issuer to cover option costs and tax withholding (these appear as zero‑proceeds dispositions in the filing).
• Net position change (based on reported transactions): +10,597 shares to the reporting person’s holdings (12,423 acquired − 1,826 sold).
• Transaction codes: M = option exercise, S = open market sale. Zero‑price “disposed” lines reflect shares withheld to pay exercise costs/taxes.
• Vesting/award notes: Several grants are subject to vesting schedules and milestone-based vesting (see footnotes F1, F10–F15 and RSU notes F11–F13).

Context

• This pattern (exercising options and selling a portion while withholding shares for taxes) is a common cashless-exercise approach: some shares or proceeds are used to cover exercise costs and tax obligations while the remainder is retained.
• The transactions are factual disclosures of insider activity; they do not by themselves indicate the insider’s personal view of the company’s prospects.