Courtney Spencer - Feb 10, 2023 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role
Chief Experience Officer
Signature
/s/ Jonathan A. Greene, by Power of Attorney
Stock symbol
LOB
Transactions as of
Feb 10, 2023
Transactions value $
-$23,901
Form type
4
Date filed
2/14/2023, 08:16 PM
Previous filing
Nov 29, 2022
Next filing
Feb 16, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LOB Voting Common Stock Options Exercise +2K +30% 8.68K Feb 10, 2023 Direct F1
transaction LOB Voting Common Stock Tax liability -$23.9K -696 -8.02% $34.34 7.98K Feb 10, 2023 Direct
holding LOB Voting Common Stock 152 Feb 10, 2023 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 -2K -33.33% $0.00 4.01K Feb 10, 2023 Voting Common Stock 2K Direct F1, F2
transaction LOB Restricted Stock Units Award $0 +14.2K $0.00 14.2K Feb 13, 2023 Voting Common Stock 14.2K Direct F1, F3
holding LOB Restricted Stock Units 7.9K Feb 10, 2023 Voting Common Stock 7.9K Direct F1, F4
holding LOB Restricted Stock Units 8K Feb 10, 2023 Voting Common Stock 8K Direct F1, F5
holding LOB Restricted Stock Units 360 Feb 10, 2023 Voting Common Stock 360 Direct F1, F6
holding LOB Stock Option (right to buy) 14K Feb 10, 2023 Voting Common Stock 14K $13.59 Direct F7
* 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, 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 pro rata installments beginning on February 13, 2024, 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 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.
F6 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.
F7 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.