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

Role: General Counsel
Signature: /s/ Jonathan A. Greene, By Power of Attorney
Issuer symbol: LOB
Transactions as of: 15 Dec 2023
Net transactions value: +$9.92
Form type: 4
Filing time: 19 Dec 2023, 17:17:03 UTC
Previous filing: 01 Dec 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	Options Exercise	$43,650	+3,000	+3.5%	$14.55	88,410	15 Dec 2023	Direct	F1
transaction	LOB	Voting Common Stock	Tax liability	$43,640	-982	-1.1%	$44.44	87,428	15 Dec 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	-3,000	-18%	$0.000000	13,500	15 Dec 2023	Voting Common Stock	3,000	$14.55	Direct	F2
holding	LOB	Restricted Stock Units						4,005	15 Dec 2023	Voting Common Stock	4,005		Direct	F3, F4
holding	LOB	Restricted Stock Units						3,000	15 Dec 2023	Voting Common Stock	3,000		Direct	F3, F5
holding	LOB	Restricted Stock Units						9,480	15 Dec 2023	Voting Common Stock	9,480		Direct	F3, F6
holding	LOB	Restricted Stock Units						59,743	15 Dec 2023	Voting Common Stock	59,743		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.