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 *

Lutz Michael
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)
VP, Human Resources
(Last)          (First)          (Middle)

C/O LIQUIDITY SERVICES, INC., 6931 ARLINGTON ROAD, SUITE 200
3. Date of Earliest Transaction (MM/DD/YYYY)

10/7/2019
(Street)

BETHESDA, MD 20814
(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
Common Stock  10/7/2019    M(1)    635  A $0  47848  D   
Common Stock                 13395  I  By Michael Lutz 401k 

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  $38.09                   (2) 10/1/2016  Common Stock  984.0    984  D   
Employee Stock Option  $21.99                   (3) 10/1/2017  Common Stock  4151.0    4151  D   
Employee Stock Option  $10.41                   (4) 10/1/2018  Common Stock  5526.0    5526  D   
Employee Stock Option  $6.63                   (5) 10/1/2019  Common Stock  7939.0    7939  D   
Employee Stock Option  $6.63                   (6) 3/24/2026  Common Stock  1985.0    1985  D   
Employee Stock Grant   (7) 10/7/2019    M (8)       905    (9) 10/1/2026  Common Stock  905.0  $0  0  D   
Employee Stock Grant   (7)                  (10) 3/3/2027  Common Stock  4950.0    4950  D   
Employee Stock Grant   (7)                  (11) 10/1/2020  Common Stock  1237.0    1237  D   
Employee Stock Option  $8.3                   (12) 3/3/2027  Common Stock  2950.0    2950  D   
Employee Stock Option  $8.3                   (13) 10/1/2020  Common Stock  2950.0    2950  D   
Employee Stock Grant   (7)                  (10) 12/11/2027  Common Stock  672.0    672  D   
Employee Stock Grant   (7)                  (14) 10/1/2021  Common Stock  560.0    560  D   
Employee Stock Option  $4.47                   (15) 10/1/2021  Common Stock  10880.0    10880  D   
Employee Stock Option  $4.47                   (12) 12/11/2027  Common Stock  16320.0    16320  D   
Employee Stock Grant   (7)                  (10) 12/4/2028  Common Stock  4500.0    4500  D   
Employee Stock Grant   (7)                  (16) 10/1/2022  Common Stock  4500.0    4500  D   
Employee Stock Option  $6.11                   (17) 10/1/2022  Common Stock  27800.0    27800  D   
Employee Stock Option  $6.11                   (12) 12/4/2028  Common Stock  27800.0    27800  D   

Explanation of Responses:
(1)  Represents the net issuance of 635 shares from the vesting of 905 restricted stock units from which the federal and state withholding due at the vesting of such restricted stock units was satisfied by the issuer withholding 270 shares. The reporting person relinquished the shares and the issuer cancelled the shares and returned them to treasury in exchange for remitting federal and state tax withholding obligations of the reporting person resulting from the vesting of restricted stock units. Shares withheld represent an exempt transaction pursuant to Section 16b-3(e). No shares were sold by the reporting person.
(2)  These options became fully vested on October 1, 2016.
(3)  These options became fully vested on October 1, 2017.
(4)  These options became fully vested on October 1, 2018.
(5)  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.
(6)  This option becomes exercisable, if at all, based on the Issuer's achievement of certain financial milestones.
(7)  Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock.
(8)  Represents the vesting of restricted stock.
(9)  These restricted stock units will vest, if at all, based on the Issuer's achievement of certain financial milestones.
(10)  These restricted stock units vest, 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.
(11)  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.
(12)  This option becomes 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.
(13)  18/48th of this option grant vested on April 1, 2018 and thereafter 1/48th of the option grant will vest each month for thirty months.
(14)  Twenty-five percent of this restricted stock grant will vest on January 1, 2019 and thereafter 1/4th of the restricted stock grant will vest on each October 1, 2019, October 1, 2020, and October 1, 2021.
(15)  15/48th of this option grant vested on January 1, 2019 and thereafter 1/48th of the option grant will vest each month for thirty three months.
(16)  Twenty-five percent of this restricted stock grant will vest on January 1, 2020 and thereafter 1/4th of the restricted stock grant will vest on each October 1, 2020, October 1, 2021, and October 1, 2022.
(17)  15/48th of this option grant will vest on January 1, 2020 and thereafter 1/48th of the option grant will vest each month for thirty three months.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Lutz Michael
C/O LIQUIDITY SERVICES, INC.
6931 ARLINGTON ROAD, SUITE 200
BETHESDA, MD 20814


VP, Human Resources

Signatures
/s/ Mark A. Shaffer, by power of attorney 10/8/2019
**Signature of Reporting Person Date


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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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