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SEC FORM 4 SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940 		 
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Gravley Roger
(Last) (First) (Middle)
C/O LIQUIDITY SERVICES, INC.
6931 ARLINGTON ROAD, SUITE 200
(Street)
BETHESDA MD 20814
(City) (State) (Zip)
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, GovDeals & CIO
3. Date of Earliest Transaction (Month/Day/Year)
12/04/2018
4. If Amendment, Date of Original Filed (Month/Day/Year)
 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. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction 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 (Month/Day/Year) 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: 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 $9.05 (1) 10/01/2019 Common Stock 1,801 1,801 D
Employee Stock Grant $15.47 (2) 10/01/2020 Common Stock 1,106 1,106 D
Employee Stock Option $15.47 (3) 10/01/2020 Common Stock 2,292 2,292 D
Employee Stock Option $31.37 (4) 10/01/2021 Common Stock 2,857 2,857 D
Employee Stock Option $21.99 (5) 10/01/2023 Common Stock 3,519 3,519 D
Employee Stock Grant $21.99 (2) 11/27/2023 Common Stock 499 499 D
Employee Stock Option $21.99 (6) 11/27/2023 Common Stock 3,519 3,519 D
Employee Stock Option $10.41 (7) 10/01/2024 Common Stock 7,338 7,338 D
Employee Stock Grant $10.41 (8) 10/01/2024 Common Stock 0.0 0 D
Employee Stock Option $6.63 (9) 10/01/2025 Common Stock 11,430 11,430 D
Employee Stock Grant $6.63 (10) 10/01/2025 Common Stock 5,213 5,213 D
Employee Stock Option $5.11 (6) 10/01/2025 Common Stock 2,858 2,858 D
Employee Stock Grant $5.11 (2) 10/01/2025 Common Stock 5,213 5,213 D
Employee Stock Grant $8.3 (11) 10/01/2026 Common Stock 4,125 4,125 D
Employee Stock Option $8.3 (12) 10/01/2026 Common Stock 4,900 4,900 D
Employee Stock Grant $8.3 (2) 10/01/2026 Common Stock 8,250 8,250 D
Employee Stock Option $8.3 (6) 10/01/2026 Common Stock 4,900 4,900 D
Employee Stock Option $4.47 (13) 10/01/2027 Common Stock 29,760 29,760 D
Employee Stock Grant $4.47 (14) 10/01/2027 Common Stock 3,060 3,060 D
Employee Stock Option $4.47 (15) 10/01/2027 Common Stock 19,840 19,840 D
Employee Stock Grant $4.47 (16) 10/01/2027 Common Stock 2,040 2,040 D
Employee Stock Grant $6.11 12/04/2018 A 6,150 (14) 10/01/2028 Common Stock 6,150 $0 6,150 D
Employee Stock Option $6.11 12/04/2018 A 37,850 (13) 10/01/2028 Common Stock 37,850 $0 37,850 D
Employee Stock Grant $6.11 12/04/2018 A 6,150 (17) 10/01/2028 Common Stock 6,150 $0 12,300 D
Employee Stock Option $6.11 12/04/2018 A 37,850 (18) 10/01/2028 Common Stock 37,850 $0 37,850 D
Explanation of Responses:
1. These options became fully vested on October 1, 2013.
2. These restricted stock units will vest, if at all, based on the Issuer's achievement of certain financial milestones.
3. These options became fully vested on October 1, 2014.
4. These options became fully vested on October 1, 2015.
5. These options became fully vested on October 1, 2017.
6. This option becomes exercisable, if at all, based on the Issuer's achievement of certain financial milestones.
7. 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.
8. 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.
9. 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.
10. 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.
11. Twenty-five percent of this restricted stock grant vested 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. 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.
13. 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.
14. 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.
15. 15/48th of this option grant will vest 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, 2019 and thereafter 1/4th of the restricted stock grant will vest on each October 1, 2019, October 1, 2020, and October 1, 2021.
17. 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.
18. 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.
Remarks:
Mark A. Shaffer 12/06/2018
** 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.
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