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 * ELLIS GEORGE H 2. Issuer Name and Ticker or Trading Symbol LIQUIDITY SERVICES INC [ LQDT ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    _____ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)         (First)         (Middle)
C/O LIQUIDITY SERVICES, INC., 6931 ARLINGTON ROAD, SUITE 200
3. Date of Earliest Transaction (MM/DD/YYYY)
2/5/2021
(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  2/5/2021    S    29000  D $17.67  19491  D   
Common Stock  2/8/2021    M(1)    13304  A $9.75 (2) 32795  D   
Common Stock                 1160  I  I.R.A. (3)

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
Stock Option  $42.31                  2/1/2013  2/1/2022  Common Stock  5328.0    5328  D   
Stock Option  $40.11                  2/1/2014  2/1/2023  Common Stock  5954.0    5954  D   
Stock Option  $21.53                  2/1/2015  2/1/2024  Common Stock  13144.0    13144  D   
Stock Option  $9.84  2/8/2021    M (4)       19050   2/1/2016  2/1/2025  Common Stock  19050.0  $0  0  D   
Stock Option  $6.29                  2/1/2017  2/1/2026  Common Stock  44192.0    44192  D   
Stock Option  $9.75  2/8/2021    M (4)       10684   2/1/2018  2/1/2027  Common Stock  10684.0  $0  0  D   
Restricted Stock Grant   (5)                  (6) 2/1/2022  Common Stock  4655.0    4655  D   

Explanation of Responses:
(1)  The reporting person exercised 29,734 stock options on a share withhold basis. 16,430 shares were withheld to cover the cost of the options resulting in a net amount of 13,304 shares acquired.
(2)  The reporting person exercised a total of 29,734 options, 19,050 of which had an exercise price of $6.84 and 10,684 of which had an exercise price of $9.75.
(3)  George H. Ellis Individual Retirement Account with Northern Trust Company as Trustee.
(4)  Represents the exercise of stock options.
(5)  Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock.
(6)  These restricted stock units vest on February 1, 2022.

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



Signatures
/s/ Mark A. Shaffer, by power of attorney 2/9/2021
**Signature of Reporting Person Date
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