Micah S. Davis - 11 Mar 2024 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role
Chief Marketing & Comm Officer
Signature
/s/ Jonathan A. Greene, By Power of Attorney
Issuer symbol
LOB
Transactions as of
11 Mar 2024
Net transactions value
-$343,421
Form type
4
Filing time
13 Mar 2024, 17:04:32 UTC
Previous filing
26 Feb 2024
Next filing
12 Feb 2025
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 Sale $343,421 -8,613 -16% $39.87 43,864 11 Mar 2024 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
holding LOB Restricted Stock Units 2,003 11 Mar 2024 Voting Common Stock 2,003 Direct F2, F3
holding LOB Restricted Stock Units 9,104 11 Mar 2024 Voting Common Stock 9,104 Direct F2, F4
holding LOB Restricted Stock Units 2,844 11 Mar 2024 Voting Common Stock 2,844 Direct F2, F5
holding LOB Restricted Stock Units 2,000 11 Mar 2024 Voting Common Stock 2,000 Direct F2, F6
holding LOB Restricted Stock Units 8,763 11 Mar 2024 Voting Common Stock 8,763 Direct F2, F7
holding LOB Employee Stock Option (right to buy) 6,498 11 Mar 2024 Voting Common Stock 6,498 $17.00 Direct F8
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 This transaction was executed in multiple trades at prices ranging from $39.84 to $40.045. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transactions were effected.
F2 Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
F3 2,002 of the RSUs vested on 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.
F4 The RSUs vest in five equal 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.
F5 948 of the RSUs will vest on each of February 14, 2024, 2025, 2026 and 2027, subject to the reporting person's continuous service to the Company or a related entity on such date.
F6 1,000 of the RSUs will vest on each of February 22, 2024, 2025 and 2026, 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 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.
F8 The shares subject to this option vested and became 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.