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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

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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

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Sec. Name	Sec. Type	Price	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

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.
Each restricted stock unit ("RSU") represents a right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
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.
Each performance restricted stock unit ("PRSU") represents a contingent right to receive one share of the Company's voting common stock.
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.
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.
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.
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.