LIQUIDITY SERVICES INC — Director's Dealing 2014

May 9, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LIQUIDITY SERVICES INC (LQDT)
CIK: 0001235468
Period of Report: 2014-05-07

Reporting Person: Roy G Cayce (Former Exec VP/Pres. Asset Rec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-07	Common Stock	M	21372	$10.82	Acquired	177877	Direct
2014-05-07	Common Stock	S	21372	$17.05	Disposed	156505	Direct
2014-05-08	Common Stock	S	78993	$12.30	Disposed	77512	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-07	Employee Stock Option	$10.82	M	21372	Disposed	2014-05-08	Common Stock (21372)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$38.09	2014-05-08	Common Stock (0)	0	Direct
Employee Stock Option	$31.11	2014-05-08	Common Stock (0)	0	Direct

Footnotes

F1: These options represent the vested portion of the stock option granted to the reporting person as of February 7, 2014 (the "granted options"). Upon his resignation from the Company, the reporting person forfeited the unvested portion of the granted options.

F2: These options expired on May 8, 2014 without having been exercised.