Courtney Spencer - 21 Nov 2022 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role: Chief Experience Officer
Signature: /s/ Jonathan A. Greene, by Power of Attorney
Issuer symbol: LOB
Transactions as of: 21 Nov 2022
Net transactions value: -$3,406
Form type: 4
Filing time: 29 Nov 2022, 16:17:56 UTC
Previous filing: 29 Nov 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		+360	+5.6%		6,780	21 Nov 2022	Direct	F1
transaction	LOB	Voting Common Stock	Tax liability	$3,406	-106	-1.6%	$32.13	6,674	21 Nov 2022	Direct
holding	LOB	Voting Common Stock						152	21 Nov 2022	By Spouse

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	-360	-50%	$0.000000	360	21 Nov 2022	Voting Common Stock	360		Direct	F1, F2
holding	LOB	Restricted Stock Units						6,007	21 Nov 2022	Voting Common Stock	6,007		Direct	F1, F3
holding	LOB	Restricted Stock Units						8,000	21 Nov 2022	Voting Common Stock	8,000		Direct	F1, F4
holding	LOB	Restricted Stock Units						7,900	21 Nov 2022	Voting Common Stock	7,900		Direct	F1, F5
holding	LOB	Stock Option (right to buy)						14,000	21 Nov 2022	Voting Common Stock	14,000	$13.59	Direct	F6

* 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 remaining 360 RSUs will vest on November 19, 2023, subject to the reporting person's continuous service to the Company or a related entity on such date.
F3	2,002 of the RSUs will vest on each of February 10, 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.
F4	2,000 of the RSUs will vest on each of February 22, 2023, 2024, 2025, and 2026, 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 14, 2023, subject to the reporting person's continuous service to the Company or a related entity on such date.
F6	The shares subject to this option vest and become exercisable yearly in seven installments beginning on February 16, 2017, as follows: 10% of the shares subject to the option vested on each of February 16, 2017, 2018, 2019, 2020, and 2021; 25% of the shares subject to the option vested on February 16, 2022; and 25% of the shares subject to the option vest on February 16, 2023.