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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* Celaya Jorge (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) Chief Financial Officer
	3. Date of Earliest Transaction (Month/Day/Year) 02/17/2021
	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
Common Stock	02/17/2021		M(1)		49,699	A	$6.69(2)	214,278	D
Common Stock	02/17/2021		S		82,743	D	$18.95	131,535	D
Common Stock	02/18/2021		S		7,403	D	$19.4	124,132	D
Common Stock	02/19/2021		S		2,345	D	$19.19	121,787	D

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 Grant	(3)							(4)	10/01/2026	Common Stock	2,085		2,085	D
Employee Stock Option	$8.3	02/17/2021		M(5)			5,750	10/01/2020	03/03/2027	Common Stock	5,750	$0	0	D
Employee Stock Option	$8.3	02/17/2021		M(5)			3,277	(6)	03/03/2027	Common Stock	5,750	$0	2,473	D
Employee Stock Option	$4.47	02/17/2021		M			422	(7)	12/11/2017	Common Stock	3,802	$0	3,380	D
Employee Stock Grant	(3)							(8)	10/01/2021	Common Stock	520		520	D
Employee Stock Grant	(3)							(9)	01/01/2023	Common Stock	2,950		2,950	D
Employee Stock Option	$6.11	02/17/2021		M(5)			7,220	(10)	12/04/2028	Common Stock	24,710	$0	17,490	D
Employee Stock Option	$6.69	02/17/2021		M(5)			54,000	(11)	12/03/2029	Common Stock	54,000	$0	0	D
Employee Stock Option	$6.69	02/17/2021		M(5)			14,625	(12)	12/03/2029	Common Stock	54,000	$0	39,375	D
Employee Stock Grant	(3)							(13)	01/01/2024	Common Stock	16,987		16,987	D
Employee Stock Option	$9.46							(14)	12/01/2030	Common Stock	55,050		55,050	D
Employee Stock Option	$9.46							(15)	12/01/2030	Common Stock	55,050		55,050	D
Employee Stock Grant	(3)							(16)	01/01/2025	Common Stock	9,950		9,950	D
Employee Stock Grant	(3)							(17)	01/01/2025	Common Stock	9,950		9,950	D

Explanation of Responses:

1. The reporting person exercised 85,294 stock options on a share withhold basis. 35,595 shares were withheld to cover the cost of the options as well as related taxes resulting in a net amount of 49,699 shares acquired.

2. The reporting person exercised a total of 85,294 stock options, 68,625 of which had an exercise price of $6.69, 7,220 of which had an exercise price of $6.11, 9,027 of which had an exercise price of $8.30 and 422 of which had a purchase price of $4.47.

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. Represents the exercise of stock options.

6. These options become exercisable, if at all, based on the issuer's achievement of certain financial milestones.

7. 15/48th of this option grant vested on January 1, 2019 and thereafter, an additional 1/48th vests each month for thirty-three months.

8. 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.

9. 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.

10. 15/48th of this option grant vested on January 1, 2020 and thereafter, an additional 1/48th vests each month for thirty-three months.

11. 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.

12. 12/48th of this option grant vested on January 1, 2021 and thereafter, an additional 1/48th vests each month for thirty-six months.

13. 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.

14. 12/48th of this option grant will vest on January 1, 2022 and thereafter, 1/48th will vest each month for thirty-six months.

15. This option becomes exercisable, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.

16. These restricted stock units vest, if at all, based on the Issuer's achievement of certain stock price appreciation milestones.

17. 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.

Remarks:

	/s/ Mark A. Shaffer, by power of attorney	02/19/2021
	** 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).
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