JOHN W. SUTHERLAND - 13 Nov 2024 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role
Chief Accounting Officer
Signature
/s/ Jonathan A. Greene, By Power of Attorney
Issuer symbol
LOB
Transactions as of
13 Nov 2024
Net transactions value
-$616,837
Form type
4
Filing time
15 Nov 2024, 17:17:45 UTC
Previous filing
27 Aug 2024
Next filing
18 Nov 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 Sale $616,837 -12,588 -47% $49.00 14,015 13 Nov 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 461 13 Nov 2024 Voting Common Stock 461 Direct F2, F3
holding LOB Restricted Stock Units 356 13 Nov 2024 Voting Common Stock 356 Direct F2, F4
holding LOB Restricted Stock Units 948 13 Nov 2024 Voting Common Stock 948 Direct F2, F5
holding LOB Restricted Stock Units 2,845 13 Nov 2024 Voting Common Stock 2,845 Direct F2, F6
holding LOB Restricted Stock Units 4,381 13 Nov 2024 Voting Common Stock 4,381 Direct F2, F7
holding LOB Employee Stock Option (right to buy) 3,000 13 Nov 2024 Voting Common Stock 3,000 $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 $49.00 to $49.03. 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 460 of the RSUs vested on each of February 10, 2022 and February 12, 2024; and 461 of the RSUs will vest on February 10, 2023 and 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 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 RSUs vest in five pro rata 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.