Filing Details

Accession Number:
0001209191-20-018728
Form Type:
4
Zero Holdings:
No
Publication Time:
2020-03-13 12:12:28
Reporting Period:
2020-03-11
Accepted Time:
2020-03-13 12:12:28
SEC Url:
Form 4 Filing
Issuer
Cik Name Symbol Sector (SIC) IRS No
1462120 Live Oak Bancshares Inc. LOB State Commercial Banks (6022) 264596286
Insiders
Cik Name Reported Address Insider Title Director Officer Large Shareholder Other
1754522 Huntley Garriott 1741 Tiburon Drive
Wilmington NC 28403
President, Live Oak Bank No Yes No No
Reported Non-Derivative Transactions
Sec. Name Acquisiton - Disposition Date Amount Price Remaning Holdings Equity Swap Involved Form Type Code Nature of Ownership Explanation
Voting Common Stock Acquisiton 2020-03-11 5,000 $11.28 85,094 No 4 P Direct
Equity Swap Involved Form Type Code Nature of Ownership Explanation
No 4 P Direct
Reported Derivative Holdings
Sec. Name Sec. Type Price Date Expiration Date Amount Remaning Holdings Nature of Ownership
Voting Common Stock Restricted Stock Units $0.00 22,246 22,246 Direct
Voting Common Stock Restricted Stock Units $0.00 22,500 22,500 Direct
Voting Common Stock Performance Restricted Stock Units $0.00 2029-02-11 500,000 500,000 Direct
Expiration Date Amount Remaning Holdings Nature of Ownership
22,246 22,246 Direct
22,500 22,500 Direct
2029-02-11 500,000 500,000 Direct
Footnotes
  1. This transaction was executed in multiple trades at prices ranging from $11.27 to $11.29. 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 trades were effected.
  2. Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
  3. The RSUs vest in five equal annual installments beginning on February 10, 2021, subject to the reporting person's continuous service to the Company or a related entity on such date.
  4. The RSUs vest in equal annual installments beginning on February 11, 2020 as follows: 7,500 shares vest on each of February 11, 2020, 2021, 2022, and 2023.
  5. Each performance RSU represents a contingent right to receive one share of the Company's voting common stock. A portion of the performance RSUs will vest if the Company's voting common stock attains various closing prices for at least twenty consecutive trading days at any time prior to February 11, 2029, in accordance with the following: 20% of the performance RSUs will vest upon the attainment of closing stock prices of $35.00 per share, $40.00 per share, $45.00 per share, $50.00 per share, and $55.00 per share.