Steve Smits - 23 Feb 2023 Form 4 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: 23 Feb 2023
Net transactions value: -$10,242
Form type: 4
Filing time: 24 Feb 2023, 16:26:09 UTC
Previous filing: 16 Feb 2023
Next filing: 07 Dec 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		+1,000	+0.59%		171,046	23 Feb 2023	By Steven Joseph Smits Revocable Trust	F1
transaction	LOB	Voting Common Stock	Tax liability	$10,242	-295	-0.17%	$34.72	170,751	23 Feb 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	-1,000	-25%	$0.000000	3,000	23 Feb 2023	Voting Common Stock	1,000		Direct	F1, F2
holding	LOB	Restricted Stock Units						6,007	23 Feb 2023	Voting Common Stock	6,007		Direct	F1, F3
holding	LOB	Restricted Stock Units						6,320	23 Feb 2023	Voting Common Stock	6,320		Direct	F1, F4
holding	LOB	Restricted Stock Units						12,802	23 Feb 2023	Voting Common Stock	12,802		Direct	F1, F5
holding	LOB	Employee Stock Option (right to buy)						5,001	23 Feb 2023	Voting Common Stock	5,001	$10.63	Direct	F6
holding	LOB	Employee Stock Option (right to buy)						7,502	23 Feb 2023	Voting Common Stock	7,502	$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 22, 2022, 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 14, 2023, 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.