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 * Shaffer Mark A 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 Legal Officer & Corp Sec
(Last)         (First)         (Middle)
C/O LIQUIDITY SERVICES, INC., 6931 ARLINGTON ROAD, SUTIE 200
3. Date of Earliest Transaction (MM/DD/YYYY)
2/16/2021
(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  2/16/2021    S    36441  D $17.60  55809  D   
Common Stock  2/17/2021    M(1)    1378  A $6.11 (2) 57187  D   
Common Stock  2/17/2021    S    1378  D $18.10  55809  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 Grant   (3)                  (4) 9/30/2020  Common Stock  3806.0    3806  D   
Employee Stock Option  $8.3                   (5) 10/1/2026  Common Stock  2258.0    2258  D   
Employee Stock Option  $4.47                   (6) 10/1/2027  Common Stock  2280.0    2280  D   
Employee Stock Grant   (3)                  (7) 10/1/2021  Common Stock  310.0    310  D   
Employee Stock Option  $6.11  2/17/2021    M (8)       2270    (9) 12/4/2028  Common Stock  17196.0  $0  14926  D   
Employee Stock Grant   (3)                  (10) 1/1/2023  Common Stock  2525.0    2525  D   
Employee Stock Option  $6.69  2/17/2021    M (8)       1766    (11) 12/3/2029  Common Stock  23058.0  $0  21292  D   
Employee Stock Grant   (3)                  (12) 1/1/2024  Common Stock  9187.0    9187  D   
Employee Stock Option  $9.46                   (13) 12/1/2030  Common Stock  42400.0    42400  D   
Employee Stock Option  $9.46                   (14) 12/1/2030  Common Stock  42400.0    42400  D   
Employee Stock Grant   (3)                  (15) 1/1/2025  Common Stock  7650.0    7650  D   
Employee Stock Grant   (3)                  (16) 1/1/2025  Common Stock  7650.0    7650  D   

Explanation of Responses:
(1)  The reporting person exercised 4,036 stock options on a share withhold basis. 2,658 shares were withheld to cover the cost of the options as well as related taxes resulting in a net amount of 1,378 shares acquired.
(2)  The reporting person exercised a total of 4,036 options, 2,270 of which had an exercise price of $6.11 and 1,766 of which had an exercise price of $6.69.
(3)  Each restricted stock unit is the economic equivalent of one share of Liquidity Services, Inc. Common Stock.
(4)  These restricted stock units will vest, if at all, based on the Issuer's achievement of certain financial milestones.
(5)  These options become exercisable, if at all, based on the issuer's achievement of certain financial milestones.
(6)  15/48th of this option grant vested on January 1, 2019 and thereafter, an additional 1/48th vests each month for thirty-three months.
(7)  Twenty-five percent of this restricted stock unit grant vested on January 1, 2019 and thereafter, an additional 1/4th vests on each of October 1, 2019, October 1, 2020, and October 1, 2021.
(8)  Represents the exercise of stock options.
(9)  15/48th of this option grant vested on January 1, 2020 and thereafter, an additional 1/48th vests each month for thirty-three months.
(10)  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.
(11)  12/48th of this option grant vested on January 1, 2021 and thereafter, an additional 1/48th vests each month for thirty-six months.
(12)  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.
(13)  12/48th of this option grant will vest on January 1, 2022 and thereafter, an additional 1/48th will vest each month for thirty-six months.
(14)  This option becomes exercisable, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.
(15)  These restricted stock units vest, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.
(16)  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
Shaffer Mark A
C/O LIQUIDITY SERVICES, INC.
6931 ARLINGTON ROAD, SUTIE 200
BETHESDA, MD 20814


Chief Legal Officer & Corp Sec

Signatures
/s/ Mark A. Shaffer 2/18/2021
**Signature of Reporting Person Date