Steve Smits - Sep 2, 2021 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role
Chief Credit Officer
Signature
/s/ Jonathan A. Greene, by Power of Attorney
Stock symbol
LOB
Transactions as of
Sep 2, 2021
Transactions value $
-$1,529,775
Form type
4
Date filed
9/7/2021, 05:16 PM
Previous filing
Jan 27, 2023
Next filing
Nov 12, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LOB Voting Common Stock Sale -$628K -10.4K -6.32% $60.48 154K Sep 2, 2021 Direct F1
transaction LOB Voting Common Stock Sale -$668K -10.9K -7.05% $61.55 143K Sep 2, 2021 Direct F2
transaction LOB Voting Common Stock Sale -$234K -3.76K -2.63% $62.13 139K Sep 2, 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 12K Sep 2, 2021 Voting Common Stock 12K Direct F4, F5
holding LOB Restricted Stock Units 5K Sep 2, 2021 Voting Common Stock 5K Direct F4, F6
holding LOB Employee Stock Option (right to buy) 21.5K Sep 2, 2021 Voting Common Stock 21.5K $4.40 Direct F7
holding LOB Employee Stock Option (right to buy) 20K Sep 2, 2021 Voting Common Stock 20K $10.63 Direct F8
holding LOB Employee Stock Option (right to buy) 30K Sep 2, 2021 Voting Common Stock 30K $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.