Courtney Spencer - Feb 23, 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 23, 2023
Transactions value $
-$20,450
Form type
4
Date filed
2/24/2023, 04:27 PM
Previous filing
Feb 16, 2023
Next filing
Nov 21, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LOB Voting Common Stock Options Exercise +2K +22.13% 11K Feb 23, 2023 Direct F1
transaction LOB Voting Common Stock Tax liability -$20.5K -589 -5.34% $34.72 10.4K Feb 23, 2023 Direct
holding LOB Voting Common Stock 152 Feb 23, 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 -25% $0.00 6K Feb 23, 2023 Voting Common Stock 2K Direct F1, F2
holding LOB Restricted Stock Units 4.01K Feb 23, 2023 Voting Common Stock 4.01K Direct F1, F3
holding LOB Restricted Stock Units 6.32K Feb 23, 2023 Voting Common Stock 6.32K Direct F1, F4
holding LOB Restricted Stock Units 360 Feb 23, 2023 Voting Common Stock 360 Direct F1, F5
holding LOB Restricted Stock Units 14.2K Feb 23, 2023 Voting Common Stock 14.2K Direct F1, F6
holding LOB Stock Option (right to buy) 14K Feb 23, 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 2,000 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.
F3 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.
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 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.
F6 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.
F7 The shares subject to this option vested and became 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 vested on February 16, 2023.