Steve Smits - 12 Feb 2024 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role
Chief Credit Officer
Signature
/s/ Jonathan A. Greene, By Power of Attorney
Issuer symbol
LOB
Transactions as of
12 Feb 2024
Net transactions value
-$59,271
Form type
4
Filing time
14 Feb 2024, 20:06:26 UTC
Previous filing
07 Dec 2023
Next filing
16 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 +3,003 +2.1% 148,754 12 Feb 2024 By Steven Joseph Smits Revocable Trust F1
transaction LOB Voting Common Stock Tax liability $59,271 -1,484 -1% $39.94 147,270 12 Feb 2024 By Steven Joseph Smits Revocable Trust

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 -3,003 -50% $0.000000 3,004 12 Feb 2024 Voting Common Stock 3,003 Direct F1, F2
transaction LOB Restricted Stock Units Award $0 +13,144 $0.000000 13,144 12 Feb 2024 Voting Common Stock 13,144 Direct F1, F3
holding LOB Restricted Stock Units 3,000 12 Feb 2024 Voting Common Stock 3,000 Direct F1, F4
holding LOB Restricted Stock Units 6,320 12 Feb 2024 Voting Common Stock 6,320 Direct F1, F5
holding LOB Restricted Stock Units 12,802 12 Feb 2024 Voting Common Stock 12,802 Direct F1, F6
holding LOB Employee Stock Option (right to buy) 5,001 12 Feb 2024 Voting Common Stock 5,001 $10.63 Direct F7
holding LOB Employee Stock Option (right to buy) 7,502 12 Feb 2024 Voting Common Stock 7,502 $17.00 Direct F8
* 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 3,003 of the RSUs vested on each of February 10, 2022, 2023, and 2024; and 3,004 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.
F3 The RSUs vest in five pro rata annual installments beginning on February 12, 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 annual 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 vest and become exercisable yearly in seven installments beginning on February 20, 2016, as follows: 10% of the shares subject to the option vested on each of February 20, 2016, 2017, 2018, 2019, and 2020; 25% of the shares subject to the option vested on February 20, 2021; and 25% of the shares subject to the option vested on February 20, 2022.
F8 The shares subject to this option vest and become 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.