FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Rallo James M
2. Issuer Name and Ticker or Trading Symbol

LIQUIDITY SERVICES INC [ LQDT ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
President RSCG
(Last)          (First)          (Middle)

C/O LIQUIDITY SERVICES, INC., 1920 L STREET, N.W., 6TH FLOOR
3. Date of Earliest Transaction (MM/DD/YYYY)

4/3/2017
(Street)

WASHINGTON, DC 20036
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Employee Stock Grant   4/3/2017     J (1)    7717   A $7.61   7717   D    
Common Stock   4/3/2017     S (2)    7717   D $7.61   0   D    
Common Stock                  15039   (3) I   By James M. Rallo 401k  
Common Stock                  8000   I   By James M. Rallo IRA  
Common Stock                  685   I   By James M. Rallo Cust. Michael Rallo MD UTMA   (4)
Common Stock                  460   I   By James M. Rallo Cust. Melissa Rallo MD UTMA  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option   $7.48                      (5) 10/1/2018   Common Stock   2338.0     2338   D    
Employee Stock Option   $15.47                      (6) 10/1/2020   Common Stock   6678.0     6678   D    
Employee Stock Grant   $15.47                      (7) 10/1/2020   Common Stock   5527.0     5527   D    
Employee Stock Option   $31.37                      (8) 10/1/2021   Common Stock   12358.0     12358   D    
Employee Stock Option   $38.09                      (9) 10/1/2022   Common Stock   3335.0     3335   D    
Employee Stock Grant   $29.47                      (10) 7/18/2023   Common Stock   3054.0     3054   D    
Employee Stock Option   $29.47                      (11) 7/18/2023   Common Stock   24871.0     24871   D    
Employee Stock Grant   $21.99                      (12) 10/1/2023   Common Stock   1173.0     1173   D    
Employee Stock Option   $21.99                      (13) 10/1/2023   Common Stock   9938.0     9938   D    
Employee Stock Grant   $13.57                      (14) 5/14/2024   Common Stock   11054.0     11054   D    
Employee Stock Grant   $10.41   4/3/2017     J   (1)       7717      (15) 10/1/2024   Common Stock   30867.0   $7.61   23150   D    
Employee Stock Option   $10.41                      (16) 10/1/2024   Common Stock   12675.0     12675   D    
Employee Stock Grant   $6.63                      (17) 10/1/2025   Common Stock   19140.0     19140   D    
Employee Stock Grant   $6.63                      (7) 10/1/2025   Common Stock   6380.0     6380   D    
Employee Stock Option   $6.63                      (18) 10/1/2025   Common Stock   13987.0     13987   D    
Employee Stock Option   $6.63                      (19) 10/1/2025   Common Stock   3497.0     3497   D    
Employee Stock Grant   $8.3                      (20) 10/1/2026   Common Stock   7850.0     7850   D    
Employee Stock Grant   $8.3                      (7) 10/1/2026   Common Stock   7850.0     7850   D    
Employee Stock Option   $8.3                      (21) 10/1/2026   Common Stock   4650.0     4650   D    
Employee Stock Option   $8.3                      (19) 10/1/2026   Common Stock   4650.0     4650   D    

Explanation of Responses:
(1)  Represents the vesting of restricted stock.
(2)  Represents reporting person's advance election to sell upon vesting such restricted shares.
(3)  The number of securities shown as being held in Issuer's 401(k) account for the Reporting Person's benefit is the approximate number of shares of common stock. De minimis fractional interests reported by the Issuer's 401(k) Plan trustee/administrator and held indirectly through the Plan's stock purchase account are not reflected.
(4)  Mr. Rallo disclaims beneficial ownership of these shares.
(5)  These options became fully vested on October 1, 2013.
(6)  These options became fully vested on October 1, 2014.
(7)  These restricted shares will vest, if at all, based on the Issuer's achievement of certain financial milestones.
(8)  These options became fully vested on October 1, 2015.
(9)  These options became fully vested on October 1, 2016.
(10)  Twenty-five percent of this restricted stock grant vested on July 1, 2014 and thereafter 1/4th of the restricted stock grant will vest on July 1 of each year for three years.
(11)  Twenty-five percent of this option grant vested on July 18, 2014 and thereafter 1/48th of the option grant will vest each month for thirty-six months.
(12)  Twenty-five percent of this restricted stock grant vested on October 1, 2014 and thereafter 1/4th of the restricted stock grant will vest on October 1 of each year for three years.
(13)  Twenty-five percent of this option grant vested on October 1, 2014 and thereafter 1/48th of the option grant will vest each month for thirty-six months.
(14)  Fifty percent of this restricted stock grant vested on November 1, 2015 and thereafter 1/4th of the restricted stock grant will vest on November 1 of each year for two years.
(15)  Twenty-five percent of this restricted stock grant vested on October 1, 2015 and thereafter 1/8th of the restricted stock grant will vest on April 1 and October 1 of each year for three years.
(16)  Twenty-five percent of this option grant vested on October 1, 2015 and thereafter 1/48th of the option grant will vest each month for thirty-six months.
(17)  Twenty-five percent of this restricted stock grant vested on October 1, 2016 and thereafter 1/4th of the restricted stock grant will vest on October 1 of each year for three years.
(18)  Twenty-five percent of this option grant vested on October 1, 2016 and thereafter 1/48th of the option grant will vest each month for thirty-six months.
(19)  This option becomes exercisable, if at all, based on the Issuer's achievement of certain financial milestones.
(20)  Twenty-five percent of this restricted stock grant will vest on April 1, 2018 and thereafter 1/4th of the restricted stock grant will vest on each of October 1, 2018, October 1, 2019, and October 1, 2020.
(21)  18/48th of this option grant will vest on April 1, 2018 and thereafter 1/48th of this option grant will vest each month for thirty months.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Rallo James M
C/O LIQUIDITY SERVICES, INC.
1920 L STREET, N.W., 6TH FLOOR
WASHINGTON, DC 20036


President RSCG

Signatures
/s/ Mark A. Shaffer, by power of attorney 4/5/2017
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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