Steve Smits - Dec 31, 2020 Form 5 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
Dec 31, 2020
Transactions value $
-$40
Form type
5
Date filed
1/27/2023, 05:18 PM
Next filing
Sep 7, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LOB Voting Common Stock Sale -$41 -0.978 0% $41.41 167K Dec 10, 2020 By Steven Joseph Smits Revocable Trust

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 9.01K Dec 31, 2020 Voting Common Stock 9.01K Direct F1, F2
holding LOB Restricted Stock Units 7.9K Dec 31, 2020 Voting Common Stock 7.9K Direct F1, F3
holding LOB Restricted Stock Units 4K Dec 31, 2020 Voting Common Stock 4K Direct F1, F4
holding LOB Employee Stock Option (right to buy) 5K Dec 31, 2020 Voting Common Stock 5K $10.63 Direct F5
holding LOB Employee Stock Option (right to buy) 7.5K Dec 31, 2020 Voting Common Stock 7.5K $17.00 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 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.
F3 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.
F4 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.
F5 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; 25% of the shares subject to the option vested on February 20, 2021; and 25% of the shares subject to the option vested on February 20, 2022.
F6 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 vested on July 22, 2022.