Filing Details

Accession Number:
0001578563-23-000102
Form Type:
4
Zero Holdings:
No
Publication Time:
2023-12-07 17:02:29
Reporting Period:
2023-12-05
Accepted Time:
2023-12-07 17:02:29
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 2023-12-05 15,000 $35.62 155,751 No 4 S Indirect By Steven Joseph Smits Revocable Trust
Voting Common Stock Disposition 2023-12-07 10,000 $36.25 145,751 No 4 S Indirect By Steven Joseph Smits Revocable Trust
Equity Swap Involved Form Type Code Nature of Ownership Explanation
No 4 S Indirect By Steven Joseph Smits Revocable Trust
No 4 S Indirect By Steven Joseph Smits Revocable Trust
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 6,007 6,007 Direct
Voting Common Stock Restricted Stock Units $0.00 3,000 3,000 Direct
Voting Common Stock Restricted Stock Units $0.00 6,320 6,320 Direct
Voting Common Stock Restricted Stock Units $0.00 12,802 12,802 Direct
Voting Common Stock Employee Stock Option (right to buy) $10.63 2025-02-20 5,001 5,001 Direct
Voting Common Stock Employee Stock Option (right to buy) $17.00 2025-07-22 7,502 7,502 Direct
Expiration Date Amount Remaning Holdings Nature of Ownership
6,007 6,007 Direct
3,000 3,000 Direct
6,320 6,320 Direct
12,802 12,802 Direct
2025-02-20 5,001 5,001 Direct
2025-07-22 7,502 7,502 Direct
Footnotes
  1. This transaction was executed in multiple trades at prices ranging from $35.5578 to $35.7561. 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. This transaction was executed in multiple trades at prices ranging from $36.2390 to $36.2639. 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.
  3. Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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; 25% of the shares subject to the option vested on February 20, 2021; and 25% of the shares subject to the option vested on February 20, 2022.
  9. 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.