Filing Details
- Accession Number:
- 0001209191-21-064297
- Form Type:
- 4
- Zero Holdings:
- No
- Publication Time:
- 2021-11-12 17:50:06
- Reporting Period:
- 2021-11-10
- Accepted Time:
- 2021-11-12 17:50:06
- 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 | Acquisiton | 2021-11-10 | 21,500 | $4.40 | 160,876 | No | 4 | M | Direct | |
| Voting Common Stock | Disposition | 2021-11-10 | 1,006 | $93.89 | 159,870 | No | 4 | F | Direct | |
| Voting Common Stock | Acquisiton | 2021-11-10 | 14,999 | $10.63 | 174,869 | No | 4 | M | Direct | |
| Voting Common Stock | Disposition | 2021-11-10 | 2,595 | $93.89 | 172,274 | No | 4 | F | Direct | |
| Voting Common Stock | Acquisiton | 2021-11-10 | 22,498 | $17.00 | 194,772 | No | 4 | M | Direct | |
| Voting Common Stock | Disposition | 2021-11-10 | 7,805 | $93.89 | 186,967 | No | 4 | F | Direct | |
| Voting Common Stock | Disposition | 2021-11-11 | 17,801 | $93.71 | 169,166 | No | 4 | S | Direct | |
| Voting Common Stock | Disposition | 2021-11-11 | 2,199 | $94.27 | 166,967 | No | 4 | S | Direct |
| Equity Swap Involved | Form Type | Code | Nature of Ownership | Explanation |
|---|---|---|---|---|
| No | 4 | M | Direct | |
| No | 4 | F | Direct | |
| No | 4 | M | Direct | |
| No | 4 | F | Direct | |
| No | 4 | M | Direct | |
| No | 4 | F | Direct | |
| No | 4 | S | Direct | |
| No | 4 | S | Direct |
Reported Derivative Transactions
| Sec. Name | Sec. Type | Acquisiton - Disposition | Date | Amount | Price | Amount - 2 | Price - 2 |
|---|---|---|---|---|---|---|---|
| Voting Common Stock | Employee Stock Option (right to buy) | Disposition | 2021-11-10 | 21,500 | $0.00 | 21,500 | $4.40 |
| Voting Common Stock | Employee Stock Option (right to buy) | Disposition | 2021-11-10 | 14,999 | $0.00 | 14,999 | $10.63 |
| Voting Common Stock | Employee Stock Option (right to buy) | Disposition | 2021-11-10 | 22,498 | $0.00 | 22,498 | $17.00 |
| Remaning Holdings | Exercise Date | Expiration Date | Equity Swap Involved | Transaction Form Type | Transaction Code | Nature of Ownership |
|---|---|---|---|---|---|---|
| 0 | 2024-03-26 | No | 4 | M | Direct | |
| 5,001 | 2025-02-20 | No | 4 | M | Direct | |
| 7,502 | 2025-07-22 | No | 4 | M | 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 | 12,013 | 12,013 | Direct | ||
| Voting Common Stock | Restricted Stock Units | $0.00 | 5,000 | 5,000 | Direct |
| Expiration Date | Amount | Remaning Holdings | Nature of Ownership |
|---|---|---|---|
| 12,013 | 12,013 | Direct | |
| 5,000 | 5,000 | Direct |
Footnotes
- Reflects the exercise of a Live Oak Bancshares, Inc. (the "Company") employee stock option for a total of 21,500 shares by means of a stock swap. A stock swap is a method of exercising a stock option in which the option holder relinquishes enough shares of stock to cover the exercise price of the option being exercised and any applicable related withholding taxes. The price of $93.89 in column 4 is the closing price of the Company's voting common stock as of November 10, 2021.
- Reflects the exercise of a Company employee stock option for a total of 14,999 shares by means of a stock swap. See Note 1 for additional information.
- Reflects the exercise of a Company employee stock option for a total of 22,498 shares by means of a stock swap. See Note 1 for additional information.
- This transaction was executed in multiple trades at prices ranging from $93.11 to $94.10. 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.
- This transaction was executed in multiple trades at prices ranging from $94.105 to $94.53. 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.
- The shares subject to this option vested and became exercisable yearly in seven installments beginning on March 26, 2015, as follows: 10% of the shares subject to the option vested on each of March 26, 2015, 2016, 2017, 2018, and 2019; and 25% of the shares subject to the option vested on each of March 26, 2020 and 2021.
- 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 vested 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.
- 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 vested 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.
- Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Company's voting common stock.
- 3,003 of the RSUs will vest on each of February 10, 2022, 2023, and 2024; and 3,004 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.
- 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.
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