Steve Smits - 02 Sep 2021 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role
Chief Credit Officer
Signature
/s/ Jonathan A. Greene, by Power of Attorney
Issuer symbol
LOB
Transactions as of
02 Sep 2021
Net transactions value
-$1,529,775
Form type
4
Filing time
07 Sep 2021, 17:16:25 UTC
Previous filing
27 Jan 2023
Next filing
12 Nov 2021
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LOB Voting Common Stock Sale $628,094 -10,386 -6.3% $60.48 153,990 02 Sep 2021 Direct F1
transaction LOB Voting Common Stock Sale $668,133 -10,855 -7% $61.55 143,135 02 Sep 2021 Direct F2
transaction LOB Voting Common Stock Sale $233,548 -3,759 -2.6% $62.13 139,376 02 Sep 2021 Direct F3

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 12,013 02 Sep 2021 Voting Common Stock 12,013 Direct F4, F5
holding LOB Restricted Stock Units 5,000 02 Sep 2021 Voting Common Stock 5,000 Direct F4, F6
holding LOB Employee Stock Option (right to buy) 21,500 02 Sep 2021 Voting Common Stock 21,500 $4.40 Direct F7
holding LOB Employee Stock Option (right to buy) 20,000 02 Sep 2021 Voting Common Stock 20,000 $10.63 Direct F8
holding LOB Employee Stock Option (right to buy) 30,000 02 Sep 2021 Voting Common Stock 30,000 $17.00 Direct F9
* 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 $60.00 to $60.975. 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 This transaction was executed in multiple trades at prices ranging from $61.00 to $61.98. 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.
F3 This transaction was executed in multiple trades at prices ranging from $62.00 to $62.20. 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.
F4 Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
F5 3,003 of the RSUs will vest on each of February 10, 2022, 2023, and 2024; and 3,004 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.
F6 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.
F7 The shares subject to this option vested and became exercisable yearly in seven installments beginning on March 26, 2015, as follows: 10% of the shares subject to the option vested on each of March 26, 2015, 2016, 2017, 2018, and 2019; and 25% of the shares subject to the option vested on each of March 26, 2020 and 2021.
F8 The shares subject to this option vest and become exercisable yearly in seven installments beginning on February 20, 2016, as follows: 10% of the shares subject to the option vested on each of February 20, 2016, 2017, 2018, 2019, and 2020; and 25% of the shares subject to the option vest on each of February 20, 2021 and 2022.
F9 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.