JOHN W. SUTHERLAND - 17 Nov 2023 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role: Chief Accounting Officer
Signature: /s/ Jonathan A. Greene, By Power of Attorney
Issuer symbol: LOB
Transactions as of: 17 Nov 2023
Net transactions value: -$669,770
Form type: 4
Filing time: 21 Nov 2023, 16:40:54 UTC
Previous filing: 24 Feb 2023
Next filing: 14 Feb 2024
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	Sale	$482,677	-14,577	-19%	$33.11	61,692	17 Nov 2023	Direct	F1
transaction	LOB	Voting Common Stock	Sale	$187,094	-5,423	-8.8%	$34.50	56,269	17 Nov 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
holding	LOB	Restricted Stock Units						921	17 Nov 2023	Voting Common Stock	921		Direct	F2, F3
holding	LOB	Restricted Stock Units						533	17 Nov 2023	Voting Common Stock	533		Direct	F2, F4
holding	LOB	Restricted Stock Units						1,264	17 Nov 2023	Voting Common Stock	1,264		Direct	F2, F5
holding	LOB	Restricted Stock Units						3,356	17 Nov 2023	Voting Common Stock	3,356		Direct	F2, F6
holding	LOB	Employee Stock Option (right to buy)						3,000	17 Nov 2023	Voting Common Stock	3,000	$17.00	Direct	F7

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This transaction was executed in multiple trades at prices ranging from $33.00 to $33.235. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transactions were effected.
F2	Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
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 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 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.
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 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.