Filing Details

Accession Number:
0001209191-21-009298
Form Type:
4
Zero Holdings:
No
Publication Time:
2021-02-10 17:00:03
Reporting Period:
2021-02-08
Accepted Time:
2021-02-10 17:00:03
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
1648958 Steve Smits 1741 Tiburon Drive
Wilmington NC 28403
Chief Credit Officer 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 Disposition 2021-02-08 15,000 $43.40 151,206 No 4 S Direct
Equity Swap Involved Form Type Code Nature of Ownership Explanation
No 4 S 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 15,016 15,016 Direct
Voting Common Stock Performance Restricted Stock Units $0.00 2028-08-10 20,000 20,000 Direct
Voting Common Stock Employee Stock Option (right to buy) $4.40 2024-03-26 21,500 21,500 Direct
Voting Common Stock Employee Stock Option (right to buy) $10.63 2025-02-20 20,000 20,000 Direct
Voting Common Stock Employee Stock Option (right to buy) $17.00 2025-07-22 30,000 30,000 Direct
Expiration Date Amount Remaning Holdings Nature of Ownership
15,016 15,016 Direct
2028-08-10 20,000 20,000 Direct
2024-03-26 21,500 21,500 Direct
2025-02-20 20,000 20,000 Direct
2025-07-22 30,000 30,000 Direct
Footnotes
  1. This transaction was executed in multiple trades at prices ranging from $43.00 to $43.78. 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.
  2. Each restricted stock unit ("RSU") represents a 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. Each performance restricted stock unit ("PRSU") represents a contingent right to receive one share of the Company's voting common stock.
  5. Ten thousand of the PRSUs will vest upon each attainment of closing prices of the Company's voting common stock of equal to or greater than $50.00 per share and $55.00 per share once they are attained for at least twenty (20) consecutive trading days at any time prior to August 10, 2028.
  6. The shares subject to this option vest and become exercisable yearly in seven installments beginning on March 26, 2015, as follows: 10% of the shares subject to the option vest on each of March 26, 2015, 2016, 2017, 2018, and 2019; and 25% of the shares subject to the option vest on each of March 26, 2020 and 2021.
  7. The shares subject to this option vest and become exercisable yearly in seven installments beginning on February 20, 2016, as follows: 10% of the shares subject to the option vest on each of February 20, 2016, 2017, 2018, 2019, and 2020; and 25% of the shares subject to the option vest on each of February 20, 2021 and 2022.
  8. The shares subject to this option vest and become exercisable yearly in seven installments beginning on July 22, 2016, as follows: 10% of the shares subject to the option vest on each of July 22, 2016, 2017, 2018, 2019, and 2020; and 25% of the shares subject to the option vest on each of July 22, 2021 and 2022.