Steve Smits - Feb 15, 2023 Form 4 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: Feb 15, 2023
Transactions value $: -$16,189
Form type: 4
Date filed: 2/16/2023, 05:12 PM
Previous filing: Feb 14, 2023
Next filing: Feb 24, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LOB	Voting Common Stock	Options Exercise		+1.58K	+0.94%		171K	Feb 15, 2023	By Steven Joseph Smits Revocable Trust	F1
transaction	LOB	Voting Common Stock	Tax liability	-$16.2K	-459	-0.27%	$35.27	170K	Feb 15, 2023	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
transaction	LOB	Restricted Stock Units	Options Exercise	$0	-1.58K	-20%	$0.00	6.32K	Feb 15, 2023	Voting Common Stock	1.58K		Direct	F1, F2
holding	LOB	Restricted Stock Units						6.01K	Feb 15, 2023	Voting Common Stock	6.01K		Direct	F1, F3
holding	LOB	Restricted Stock Units						4K	Feb 15, 2023	Voting Common Stock	4K		Direct	F1, F4
holding	LOB	Restricted Stock Units						12.8K	Feb 15, 2023	Voting Common Stock	12.8K		Direct	F1, F5
holding	LOB	Employee Stock Option (right to buy)						5K	Feb 15, 2023	Voting Common Stock	5K	$10.63	Direct	F6
holding	LOB	Employee Stock Option (right to buy)						7.5K	Feb 15, 2023	Voting Common Stock	7.5K	$17.00	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	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.
F3	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.
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 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.
F6	The shares subject to this option vested and became 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.
F7	The shares subject to this option vested and became 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.