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 * Daunt John 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)
Chief Commercial Officer
(Last)         (First)         (Middle)
C/O LIQUIDITY SERVICES, INC., 6931 ARLINGTON ROAD SUITE 200
3. Date of Earliest Transaction (MM/DD/YYYY)
2/10/2021
(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  2/10/2021    M(1)    2989  A $6.58 (2) 79560  D   
Common Stock  2/10/2021    S    2989  D $16.86  76571  D   

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  $10.3                   (3) 12/20/2026  Common Stock  989.0    989  D   
Employee Stock Grant   (4)                  (5) 10/1/2027  Common Stock  1656.0    1656  D   
Employee Stock Grant   (4)                  (6) 10/1/2021  Common Stock  2014.0    2014  D   
Employee Stock Grant   (4)                  (7) 1/1/2023  Common Stock  1675.0    1675  D   
Employee Stock Option  $6.11                   (3) 12/4/2028  Common Stock  14033.0    14033  D   
Employee Stock Option  $6.11                   (8) 10/1/2022  Common Stock  9600.0    9600  D   
Employee Stock Grant   (4)                  (9) 1/1/2024  Common Stock  12225.0    12225  D   
Employee Stock Option  $6.58  2/10/2021    M (10)       2677    (3) 4/29/2029  Common Stock  10458.0  $0  7781  D   
Employee Stock Option  $6.58                   (11) 5/1/2029  Common Stock  14344.0    14344  D   
Employee Stock Grant   (4)                  (12) 5/1/2023  Common Stock  11250.0    11250  D   
Employee Stock Option  $6.69  2/10/2021    M (10)       5269    (3) 12/3/2029  Common Stock  38950.0  $0  33681  D   
Employee Stock Option  $6.69                   (13) 12/3/2029  Common Stock  38950.0    38950  D   
Employee Stock Grant   (4)                  (14) 1/1/2025  Common Stock  30000.0    30000  D   
Employee Stock Option  $9.46                   (15) 12/1/2030  Common Stock  61200.0    61200  D   
Employee Stock Option  $9.46                   (16) 12/1/2030  Common Stock  61200.0    61200  D   
Employee Stock Grant   (4)                  (17) 1/1/2025  Common Stock  11050.0    11050  D   
Employee Stock Grant   (4)                  (18) 1/1/2025  Common Stock  11050.0    11050  D   

Explanation of Responses:
(1)  The reporting person exercised 7,946 stock options on a share withhold basis. 4,957 shares were withheld to cover the cost of the options as well as related taxes resulting in a net amount of 2,989 shares acquired.
(2)  The reporting person exercised a total of 7,946 options, 2,677 of which had an exercise price of $6.58 and 5,269 of which had an exercise price of $6.69.
(3)  These options become 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.
(4)  Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock.
(5)  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.
(6)  Twenty-five percent of this restricted stock unit grant vested on April 1, 2019 and thereafter, an additional 1/4th vests on each of July 1, 2019, October 1, 2020, and October 1, 2021.
(7)  Twenty-five percent of this restricted stock unit grant vested on January 1, 2020 and thereafter, an additional 1/4th vests on each of January 1, 2021, January 1, 2022, and January 1, 2023.
(8)  15/48th of this option grant vested on January 1, 2020 and thereafter, an additional 1/48th vests each month for thirty-three months.
(9)  Twenty-five percent of this restricted stock unit grant vested on January 1, 2021 and thereafter, an additional 1/4th vests on each of January 1, 2022, January 1, 2023 and January 1, 2024.
(10)  Represents the exercise of stock options.
(11)  12/48th of this option grant vested on May 1, 2020 and thereafter, an additional 1/4th will vest on each of May 1, 2021, May 1, 2022 and May 1, 2023.
(12)  Twenty-five percent of this restricted stock unit grant vested on May 1, 2020 and thereafter, an additional 1/4th vests on each of May 1, 2021, May 1, 2022 and May 1, 2023.
(13)  12/48th of this option grant vested on January 1, 2021 and thereafter, an additional 1/48th vests each month for thirty-six months.
(14)  These restricted stock units vest, if at all, based on certain commercial contribution margin milestones of the issuer.
(15)  12/48th of this option grant will vest on January 1, 2022 and thereafter, 1/48th will vest each month for thirty-six months.
(16)  This option becomes exercisable, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.
(17)  These restricted stock units vest, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.
(18)  Twenty-five percent of this restricted stock unit grant will vest on January 1, 2022 and thereafter, an additional 1/4th will vest on each of January 1, 2023, January 1, 2024 and January 1, 2025.

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


Chief Commercial Officer

Signatures
/s/ Mark A. Shaffer, by power of attorney 2/12/2021
**Signature of Reporting Person Date