Huntley Garriott - 23 Feb 2023 Form 4 Insider Report for Live Oak Bancshares, Inc. (LOB)

Role
President, Live Oak Bank
Signature
/s/ Jonathan A. Greene, By Power of Attorney
Issuer symbol
LOB
Transactions as of
23 Feb 2023
Transactions value $
-$1,484,245
Form type
4
Filing time
24 Feb 2023, 16:20:06 UTC
Previous filing
14 Feb 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LOB Voting Common Stock Options Exercise +100,000 +25.99% 484,782 23 Feb 2023 Direct F1
transaction LOB Voting Common Stock Tax liability -$1,484,245 -42,749 -8.82% $34.72 442,033 23 Feb 2023 Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction LOB Restricted Stock Units Options Exercise $0 -100,000 -20% $0 400,000 23 Feb 2023 Voting Common Stock 100,000 Direct F1, F2
holding LOB Restricted Stock Units 8,899 23 Feb 2023 Voting Common Stock 8,899 Direct F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
F2 100,000 of the RSUs will vest annually beginning on February 22, 2023, subject to the reporting person's continuous service to the Company or a related entity on such date.
F3 4,449 of the RSUs will vest on each of February 10, 2022, 2023, and 2024; and 4,450 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.