JOHN W. SUTHERLAND - 01 Dec 2021 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role: Chief Accounting Officer
Signature: /s/ Jonathan A. Greene, by Power of Attorney
Issuer symbol: LOB
Transactions as of: 01 Dec 2021
Net transactions value: +$261,467
Form type: 4
Filing time: 03 Dec 2021, 16:03:43 UTC
Previous filing: 30 Nov 2021
Next filing: 14 Feb 2022
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	Options Exercise	$108,467	+10,200	+17%	$10.63	69,232	01 Dec 2021	Direct
transaction	LOB	Voting Common Stock	Options Exercise	$153,000	+9,000	+13%	$17.00	78,232	01 Dec 2021	Direct

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
transaction	LOB	Employee Stock Option (right to buy)	Options Exercise	$0	-10,200	-100%	$0.000000^*	0	01 Dec 2021	Voting Common Stock	10,200	$10.63	Direct	F1
transaction	LOB	Employee Stock Option (right to buy)	Options Exercise	$0	-9,000	-75%	$0.000000	3,000	01 Dec 2021	Voting Common Stock	9,000	$17.00	Direct	F2
holding	LOB	Restricted Stock Units						1,842	01 Dec 2021	Voting Common Stock	1,842		Direct	F3, F4
holding	LOB	Restricted Stock Units						888	01 Dec 2021	Voting Common Stock	888		Direct	F3, F5

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

Explanation of Responses:

Id	Content
F1	The shares subject to this option vested and became 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 vested on each of September 19, 2020 and 2021.
F2	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.
F3	Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
F4	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.
F5	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.