John W. Sutherland - Aug 6, 2021 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role: Chief Accounting Officer
Signature: /s/ Jonathan A. Greene, by Power of Attorney
Stock symbol: LOB
Transactions as of: Aug 6, 2021
Transactions value $: -$930,724
Form type: 4
Date filed: 8/10/2021, 04:54 PM
Next filing: Feb 4, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LOB	Voting Common Stock	Sale	-$931K	-15.1K	-18.94%	$61.54	64.7K	Aug 6, 2021	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	LOB	Restricted Stock Units						1.84K	Aug 6, 2021	Voting Common Stock	1.84K		Direct	F2, F3
holding	LOB	Restricted Stock Units						888	Aug 6, 2021	Voting Common Stock	888		Direct	F2, F4
holding	LOB	Employee Stock Option (right to buy)						10.2K	Aug 6, 2021	Voting Common Stock	10.2K	$10.63	Direct	F5
holding	LOB	Employee Stock Option (right to buy)						12K	Aug 6, 2021	Voting Common Stock	12K	$17.00	Direct	F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This transaction was executed in multiple trades at prices ranging from $61.50 to $61.92. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transactions were effected.
F2	Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
F3	460 of the RSUs will vest on each of February 10, 2022, 2023, and 2024; and 462 of the RSUs will vest on February 10, 2025, subject to the reporting person's continuous service to the Company or a related entity on such date.
F4	The RSUs vest in five equal annual installments beginning on February 22, 2022, subject to the reporting person's continuous service to the Company or a related entity on such date.
F5	The shares subject to this option vest and become exercisable yearly in seven installments beginning on September 19, 2015, as follows: 10% of the shares subject to the option vested on each of September 19, 2015, 2016, 2017, 2018, and 2019; and 25% of the shares subject to the option vest on each of September 19, 2020 and 2021.
F6	The shares subject to this option vest and become exercisable yearly in seven installments beginning on July 22, 2016, as follows: 10% of the shares subject to the option vested on each of July 22, 2016, 2017, 2018, 2019, and 2020; and 25% of the shares subject to the option vest on each of July 22, 2021 and 2022.