Gregory W. Seward - Dec 15, 2023 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role
General Counsel
Signature
/s/ Jonathan A. Greene, By Power of Attorney
Stock symbol
LOB
Transactions as of
Dec 15, 2023
Transactions value $
$10
Form type
4
Date filed
12/19/2023, 05:17 PM
Previous filing
Dec 1, 2023
Next filing
Feb 14, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LOB Voting Common Stock Options Exercise $43.7K +3K +3.51% $14.55 88.4K Dec 15, 2023 Direct F1
transaction LOB Voting Common Stock Tax liability -$43.6K -982 -1.11% $44.44 87.4K Dec 15, 2023 Direct F1

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 Employee Stock Option (right to buy) Options Exercise $0 -3K -18.18% $0.00 13.5K Dec 15, 2023 Voting Common Stock 3K $14.55 Direct F2
holding LOB Restricted Stock Units 4.01K Dec 15, 2023 Voting Common Stock 4.01K Direct F3, F4
holding LOB Restricted Stock Units 3K Dec 15, 2023 Voting Common Stock 3K Direct F3, F5
holding LOB Restricted Stock Units 9.48K Dec 15, 2023 Voting Common Stock 9.48K Direct F3, F6
holding LOB Restricted Stock Units 59.7K Dec 15, 2023 Voting Common Stock 59.7K Direct F3, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Reflects the exercise of a Live Oak Bancshares, Inc. (the "Company") employee stock option for a total of 3,000 shares by means of a stock swap. A stock swap is a method of exercising a stock option in which the option holder relinquishes enough shares of stock to cover the exercise price of the option being exercised and any applicable related withholding taxes. The price of $44.44 in column 4 is the closing price of the Company's voting common stock as of December 15, 2023.
F2 The shares subject to this option vested and became exercisable yearly in seven installments beginning on November 19, 2016, as follows: 10% of the shares subject to the option vested on each of November 19, 2016, 2017, 2018, 2019, and 2020; 25% of the shares subject to the option vested on each of November 19, 2021 and November 19, 2022.
F3 Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Company's voting common stock.
F4 2,002 of the RSUs will vest on each of February 10, 2022, 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.
F5 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.
F6 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.
F7 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.