Explanation of Responses: |
(1) | The reporting person exercised 85,294 stock options on a share withhold basis. 35,595 shares were withheld to cover the cost of the options as well as related taxes resulting in a net amount of 49,699 shares acquired. |
(2) | The reporting person exercised a total of 85,294 stock options, 68,625 of which had an exercise price of $6.69, 7,220 of which had an exercise price of $6.11, 9,027 of which had an exercise price of $8.30 and 422 of which had a purchase price of $4.47. |
(3) | Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock. |
(4) | These restricted stock units will vest, if at all, based on the issuer's achievement of certain financial milestones. |
(5) | Represents the exercise of stock options. |
(6) | These options become exercisable, if at all, based on the issuer's achievement of certain financial milestones. |
(7) | 15/48th of this option grant vested on January 1, 2019 and thereafter, an additional 1/48th vests each month for thirty-three months. |
(8) | Twenty-five percent of this restricted stock unit grant vested on January 1, 2019 and thereafter, an additional 1/4th vests on each of October 1, 2019, October 1, 2020, and October 1, 2021. |
(9) | 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. |
(10) | 15/48th of this option grant vested on January 1, 2020 and thereafter, an additional 1/48th vests each month for thirty-three months. |
(11) | These options become exercisable, if at all, based on total shareholder return (TSR) milestones. TSR is calculated based on the change in a the issuer's stock price during the performance period, taking into account any dividends paid during that period, which are assumed to be reinvested in the stock. |
(12) | 12/48th of this option grant vested on January 1, 2021 and thereafter, an additional 1/48th vests each month for thirty-six months. |
(13) | 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. |
(14) | 12/48th of this option grant will vest on January 1, 2022 and thereafter, 1/48th will vest each month for thirty-six months. |
(15) | This option becomes exercisable, if at all, based on the Issuer's achievement of certain stock price appreciation milestones. |
(16) | These restricted stock units vest, if at all, based on the Issuer's achievement of certain stock price appreciation milestones. |
(17) | Twenty-five percent of this restricted stock unit grant will vest 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. |