Steve Smits - Feb 14, 2024 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role
Chief Credit Officer
Signature
/s/ Jonathan A. Greene, By Power of Attorney
Stock symbol
LOB
Transactions as of
Feb 14, 2024
Transactions value $
-$71,125
Form type
4
Date filed
2/16/2024, 05:58 PM
Previous filing
Feb 14, 2024
Next filing
Feb 26, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LOB Voting Common Stock Options Exercise +2.56K +1.74% 150K Feb 14, 2024 By Steven Joseph Smits Revocable Trust F1
transaction LOB Voting Common Stock Tax liability -$43.6K -1.13K -0.76% $38.55 149K Feb 14, 2024 By Steven Joseph Smits Revocable Trust
transaction LOB Voting Common Stock Options Exercise +1.58K +1.06% 150K Feb 15, 2024 By Steven Joseph Smits Revocable Trust F1
transaction LOB Voting Common Stock Tax liability -$27.5K -701 -0.47% $39.21 150K Feb 15, 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 -2.56K -20% $0.00 10.2K Feb 14, 2024 Voting Common Stock 2.56K Direct F1, F2
transaction LOB Restricted Stock Units Options Exercise $0 -1.58K -25% $0.00 4.74K Feb 15, 2024 Voting Common Stock 1.58K Direct F1, F3
holding LOB Restricted Stock Units 3K Feb 14, 2024 Voting Common Stock 3K Direct F1, F4
holding LOB Restricted Stock Units 3K Feb 14, 2024 Voting Common Stock 3K Direct F1, F5
holding LOB Restricted Stock Units 13.1K Feb 14, 2024 Voting Common Stock 13.1K Direct F1, F6
holding LOB Employee Stock Option (right to buy) 5K Feb 14, 2024 Voting Common Stock 5K $10.63 Direct F7
holding LOB Employee Stock Option (right to buy) 7.5K Feb 14, 2024 Voting Common Stock 7.5K $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 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.
F3 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.
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 3,003 of the RSUs vested on each of February 10, 2022 and 2023, and February 12, 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.
F6 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.
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.