Gregory W. Seward - 10 Feb 2022 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role
General Counsel
Signature
/s/ Jonathan A. Greene, by Power of Attorney
Issuer symbol
LOB
Transactions as of
10 Feb 2022
Net transactions value
-$41,737
Form type
4
Filing time
14 Feb 2022, 17:42:14 UTC
Previous filing
15 Dec 2021
Next filing
16 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 +2,002 +2.5% 82,078 10 Feb 2022 Direct F1
transaction LOB Voting Common Stock Tax liability $41,737 -677 -0.82% $61.65 81,401 10 Feb 2022 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 Restricted Stock Units Options Exercise $0 -2,002 -25% $0.000000 6,007 10 Feb 2022 Voting Common Stock 2,002 Direct F1, F2
holding LOB Restricted Stock Units 5,000 10 Feb 2022 Voting Common Stock 5,000 Direct F1, F3
holding LOB Employee Stock Option (right to buy) 16,500 10 Feb 2022 Voting Common Stock 16,500 $14.55 Direct F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
F2 2,002 of the RSUs will vest on each of February 10, 2022, 2023, and 2024; and 2,003 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.
F3 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.
F4 The shares subject to this option vest and become exercisable yearly in seven installments beginning on November 19, 2016, as follows: 10% of the shares subject to the option vested on each of November 19, 2016, 2017, 2018, 2019, and 2020; 25% of the shares subject to the option vested on November 19, 2021; and 25% of the shares subject to the option will vest on November 19, 2022.