John W. Sutherland - Feb 23, 2023 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role: Chief Accounting Officer
Signature: /s/ Jonathan A. Greene, by Power of Attorney
Stock symbol: LOB
Transactions as of: Feb 23, 2023
Transactions value $: -$2,153
Form type: 4
Date filed: 2/24/2023, 04:28 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		+178	+0.23%		76.3K	Feb 23, 2023	Direct	F1
transaction	LOB	Voting Common Stock	Tax liability	-$2.15K	-62	-0.08%	$34.72	76.3K	Feb 23, 2023	Direct

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	-178	-25.04%	$0.00	533	Feb 23, 2023	Voting Common Stock	178		Direct	F1, F2
holding	LOB	Restricted Stock Units						921	Feb 23, 2023	Voting Common Stock	921		Direct	F1, F3
holding	LOB	Restricted Stock Units						1.26K	Feb 23, 2023	Voting Common Stock	1.26K		Direct	F1, F4
holding	LOB	Restricted Stock Units						3.36K	Feb 23, 2023	Voting Common Stock	3.36K		Direct	F1, F5
holding	LOB	Employee Stock Option (right to buy)						3K	Feb 23, 2023	Voting Common Stock	3K	$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	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	460 of the RSUs will vest on February 10, 2022 and 2024; and 461 of the RSUs will vest on February 10, 2023 and 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 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.