Courtney Spencer - 12 Feb 2025 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: 12 Feb 2025
Net transactions value: -$35,461
Form type: 4
Filing time: 14 Feb 2025, 17:06:51 UTC
Previous filing: 12 Feb 2025
Next filing: 18 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	Options Exercise		+2,128	+13%		18,310	12 Feb 2025	Direct	F1
transaction	LOB	Voting Common Stock	Tax liability	$35,461	-1,019	-5.6%	$34.80	17,291	12 Feb 2025	Direct
holding	LOB	Voting Common Stock						152	12 Feb 2025	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	-2,128	-20%	$0.000000	8,512	12 Feb 2025	Voting Common Stock	2,128		Direct	F1, F2
holding	LOB	Restricted Stock Units						4,000	12 Feb 2025	Voting Common Stock	4,000		Direct	F1, F3
holding	LOB	Restricted Stock Units						4,740	12 Feb 2025	Voting Common Stock	4,740		Direct	F1, F4
holding	LOB	Restricted Stock Units						11,380	12 Feb 2025	Voting Common Stock	11,380		Direct	F1, F5
holding	LOB	Restricted Stock Units						7,126	12 Feb 2025	Voting Common Stock	7,126		Direct	F1, F6
holding	LOB	Stock Option (right to buy)						14,000	12 Feb 2025	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 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.
F3	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.
F4	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.
F5	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.
F6	The RSUs vest in five equal annual installments beginning on February 10, 2026, 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 vested and became 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.