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LIQUIDITY SERVICES INC FILES (8-K) Disclosing Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 17, 2014, Mr. Thomas Burton entered into an Amended and Restated Executive Employment Agreement with the Company in connection with his recent appointment as the Company's Executive Vice President, Federal Sector. In his new role, Mr. Burton will manage the Company's ongoing Department of Defense relationship and pursue new business opportunities in the federal sector. In connection with his appointment, Mr. Burton agreed to a reduction in his base salary in exchange for higher performance based cash and equity compensation reflecting his expanded business development activities. Accordingly, Mr. Burton's base salary is $150,000 and his target bonus, as a percentage of his base salary, was increased to 100% from 60%, payable upon the achievement of certain performance milestones. He will also be eligible for additional quarterly cash incentive payments based on new business activity with the Company. Additionally, subject to approval of the Board of Directors, Mr. Burton will also receive a grant of 20,000 shares of restricted stock that will vest over a four year vesting schedule commencing on October 1, 2014, and a grant of 20,000 shares of restricted stock that will vest based on the achievement of certain performance milestones. 2 -------------------------------------------------------------------------------- |