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

Role: Chief Experience Officer
Signature: /s/ Jonathan A. Greene, By Power of Attorney
Issuer symbol: LOB
Transactions as of: 14 Feb 2024
Net transactions value: -$80,135
Form type: 4
Filing time: 16 Feb 2024, 17:58:38 UTC
Previous filing: 14 Feb 2024
Next filing: 26 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		+2,844	+24%		14,551	14 Feb 2024	Direct	F1
transaction	LOB	Voting Common Stock	Tax liability	$51,002	-1,323	-9.1%	$38.55	13,228	14 Feb 2024	Direct
transaction	LOB	Voting Common Stock	Options Exercise		+1,580	+12%		14,808	15 Feb 2024	Direct	F1
transaction	LOB	Voting Common Stock	Tax liability	$29,133	-743	-5%	$39.21	14,065	15 Feb 2024	Direct
holding	LOB	Voting Common Stock						152	14 Feb 2024	By Spouse

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	-2,844	-20%	$0.000000	11,380	14 Feb 2024	Voting Common Stock	2,844		Direct	F1, F2
transaction	LOB	Restricted Stock Units	Options Exercise	$0	-1,580	-25%	$0.000000	4,740	15 Feb 2024	Voting Common Stock	1,580		Direct	F1, F3
holding	LOB	Restricted Stock Units						2,003	14 Feb 2024	Voting Common Stock	2,003		Direct	F1, F4
holding	LOB	Restricted Stock Units						6,000	14 Feb 2024	Voting Common Stock	6,000		Direct	F1, F5
holding	LOB	Restricted Stock Units						10,640	14 Feb 2024	Voting Common Stock	10,640		Direct	F1, F6
holding	LOB	Stock Option (right to buy)						14,000	14 Feb 2024	Voting Common Stock	14,000	$13.59	Direct	F7

* 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	2,002 of the RSUs vested on each of February 10, 2023 and February 12, 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	2,000 of the RSUs will vest on each of February 22, 2023, 2024, 2025, and 2026, 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 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 16, 2017, as follows: 10% of the shares subject to the option vested on each of February 16, 2017, 2018, 2019, 2020, and 2021; 25% of the shares subject to the option vested on February 16, 2022; and 25% of the shares subject to he option vested on February 16, 2023.