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
- 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.
- 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.
- Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") 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.
- 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.
- 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.
- 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.
- 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.
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