Steve Smits - 31 Dec 2020 Form 5 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role: Chief Credit Officer
Signature: /s/ Jonathan A. Greene, by Power of Attorney
Issuer symbol: LOB
Transactions as of: 31 Dec 2020
Net transactions value: -$40.5
Form type: 5
Filing time: 27 Jan 2023, 17:18:51 UTC
Next filing: 07 Sep 2021
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	Sale	$40.5	-1	-0%	$41.41	166,966	10 Dec 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						9,010	31 Dec 2020	Voting Common Stock	9,010		Direct	F1, F2
holding	LOB	Restricted Stock Units						7,900	31 Dec 2020	Voting Common Stock	7,900		Direct	F1, F3
holding	LOB	Restricted Stock Units						4,000	31 Dec 2020	Voting Common Stock	4,000		Direct	F1, F4
holding	LOB	Employee Stock Option (right to buy)						5,001	31 Dec 2020	Voting Common Stock	5,001	$10.63	Direct	F5
holding	LOB	Employee Stock Option (right to buy)						7,502	31 Dec 2020	Voting Common Stock	7,502	$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.