Novelette Murray
LIQUIDITY SERVICESAbout Novelette Murray
Chief Human Resources Officer (CHRO) at Liquidity Services (LQDT) since October 1, 2020; age 59 as of the 2025 proxy. She joined LQDT in 2010 and rose through HR leadership roles; holds a B.A. in Organizational Communication (Rollins College) and an MBA (University of Maryland University College) . The company’s executive incentive framework emphasizes pay-for-performance tied to Consolidated Adjusted EBITDA and Consolidated Direct Profit; fiscal 2024 results were below target, with revenue of $363M and GMV of $1.367B, resulting in sub-target payouts for NEOs, which frames performance expectations for executives including HR leadership .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Liquidity Services | Director of HR; Sr. Director of HR; VP, HR Operations; CHRO | 2010–present (CHRO since Oct 2020) | Leads HR to align talent with business strategy; drives hiring, development, performance management, D&I, succession |
| Cemex (U.S. Concrete Pipe Division) | Senior HR Manager | 2006–2010 | Human resources leadership in industrial building materials |
| Houston ENT | Director of HR | 2000–2006 | Human resources leadership in healthcare practice management |
| GE Healthcare | HR Associate | 1995–2000 | Early career HR experience in medical imaging manufacturing |
Fixed Compensation
| Component | Oct 2020 | Jan 18, 2023 | Notes |
|---|---|---|---|
| Base Salary ($) | $280,000 | $320,643 | 2023 A&R Employment Agreement sets minimum base; increases allowed, decreases require consent |
| Target Bonus (% of Salary) | 50% | 50% | Annual incentive funded on company performance vs targets; CHRO category set at 50% |
| Bonus Eligibility Start | FY2021 (began Oct 1, 2020) | Ongoing | AIP structured with threshold/target/max vs Consolidated Direct Profit and AEBITDA; committee discretion applies |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Special RSU Grant (2020) – Performance RSUs | Total Shareholder Return (TSR) | 50% of 40,000 RSUs | TSR milestones over 4-year performance period (set by Board in grant agreement) | Not disclosed | Not disclosed | Performance period Oct 1, 2020–Oct 1, 2024 |
| Special RSU Grant (2020) – Time-based RSUs | Service | 50% of 40,000 RSUs | Continued employment | Achieved per schedule | 25% per year | 25% on 10/1/2021, 10/1/2022, 10/1/2023, 10/1/2024 |
| Annual Equity Program (ongoing eligibility) | Equity awards per Compensation Committee | N/A | Eligible annually | Not disclosed | Not disclosed | Mix and vesting defined each year by Committee |
Company-wide executive LTIs emphasize RSUs and options with half time-based, half performance-based; performance measured on Consolidated Direct Profit and Consolidated Adjusted EBITDA with quarterly measurement windows and cumulative vesting. While NEO details are disclosed, Murray’s subsequent grant specifics beyond 2020 are not individually disclosed in the proxy .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 86,496 shares (includes 64,119 directly held; 19,585 options exercisable within 60 days; 2,792 RSUs vesting within 60 days) |
| Ownership as % of Shares Outstanding | Less than 1% |
| Near-term Vesting | 2,792 RSUs scheduled to vest within 60 days of the Jan 2, 2025 record date (potential limited selling pressure) |
| Pledging/Hedging | Executives prohibited from hedging/pledging without Board approval; only CEO Angrick has an approved pledge; no pledge disclosed for Murray |
| Stock Ownership Guidelines | Executives must hold stock equal to 150% of base salary; five-year compliance window |
| Compliance Status | Not individually disclosed; policy states all NEOs have satisfied or are on track; Murray’s policy applicability confirmed in her agreement |
Employment Terms
| Term | Provision |
|---|---|
| Initial Appointment | Promoted to CHRO effective Oct 1, 2020; reports to Chairman & CEO |
| 2020 Agreement Term | One-year term from effective date; auto-renews for successive one-year terms unless terminated |
| 2023 Amended & Restated Agreement | Employment continues until terminated by either party; comp may be increased but not decreased without consent |
| Severance (No Cause / Good Reason) | 12 months base salary + target bonus for fiscal year of termination + lump-sum COBRA premium differential for 12 months; subject to release |
| Death/Disability | Death: salary through next full calendar month + unpaid amounts; Disability: 25% of annual base salary + unpaid amounts |
| Change of Control (Equity) | Unvested options/RSUs vest if awards are not assumed/continued/substituted; double-trigger acceleration if involuntary termination within one year post-CoC |
| Non-Compete/Non-Solicit | Up to 12 months post-termination; confidentiality and IP assignment obligations apply |
| Clawback | Company-wide clawback policy amended Oct 1, 2023 to comply with SEC/Nasdaq restatement rules |
| Bonus Framework | Target bonus 50%; payouts governed by AIP using Consolidated Direct Profit and Consolidated Adjusted EBITDA with threshold/target/max and caps; committee discretion applies |
Investment Implications
- Alignment: Material equity ownership, strict anti-hedging/anti-pledging policy, and 150% salary stock-holding guideline support alignment; no pledging disclosed for Murray and near-term vesting volume (2,792 RSUs) is modest, suggesting limited selling pressure .
- Retention: Severance at 12 months base plus target bonus, non-compete/non-solicit (12 months), and ongoing annual equity eligibility provide retention hooks; double-trigger equity protections reduce flight risk in change-of-control scenarios .
- Pay-for-Performance Exposure: Her 2020 special grant included TSR-based vesting, aligning incentives to shareholder returns; company’s broader use of Direct Profit and Adjusted EBITDA in incentive plans indicates continued linkage to operating performance quality .
- Governance Quality: Robust clawback policy, executive ownership standards, and Compensation Committee practices with independent consultant/peer benchmarking reduce governance risk and pay inflation drift; 2024 Say-on-Pay support was ~98% (indicative of investor acceptance) .