JOHN W. SUTHERLAND - 22 Feb 2022 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
22 Feb 2022
Net transactions value
-$3,749
Form type
4
Filing time
24 Feb 2022, 16:14:38 UTC
Previous filing
16 Feb 2022
Next filing
14 Feb 2023
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 +177 +0.23% 75,709 22 Feb 2022 Direct F1
transaction LOB Voting Common Stock Tax liability $3,749 -62 -0.08% $60.47 75,647 22 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 -177 -20% $0.000000 711 22 Feb 2022 Voting Common Stock 177 Direct F1, F2
holding LOB Restricted Stock Units 1,382 22 Feb 2022 Voting Common Stock 1,382 Direct F1, F3
holding LOB Restricted Stock Units 1,580 22 Feb 2022 Voting Common Stock 1,580 Direct F1, F4
holding LOB Employee Stock Option (right to buy) 3,000 22 Feb 2022 Voting Common Stock 3,000 $17.00 Direct F5
* 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 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.
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 14, 2023, 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 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; 25% of the shares subject to the option vested on July 22, 2021; and 25% of the shares subject to the option will vest on July 22, 2022.