SEC Form 4 · accession 0001209191-15-085043
Live Oak Bancshares, Inc. · LOB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Steve Smits
Officer — Chief Credit Officer
Period of report
Dec 10, 2015
Accepted (ET)
Dec 14, 2015 · 4:43 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001462120
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Voting Common Stock | Dec 10, 2015 | S | 1,000 | $13.19 | D | 59,000 | D | |
| Voting Common Stock | Dec 14, 2015 | M | 1,000 | $4.40 | A | 60,000 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Employee Stock Option (right to buy)F1 | $4.40 | Dec 14, 2015 | M | 1,000 | D | — | Mar 26, 2024 | Voting Common Stock | 1,000 | 63,500 | D |
| Employee Stock Option (right to buy)F2 | $10.63 | holding | — | — | — | — | Feb 20, 2025 | Voting Common Stock | 20,000 | 20,000 | D |
| Employee Stock Option (right to buy)F3 | $17.00 | holding | — | — | — | — | Jul 22, 2025 | Voting Common Stock | 30,000 | 30,000 | D |
Explanation of responses
- F1The 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.
- F2The shares subject to this option vest and become exercisable in three equal annual installments beginning on February 20, 2016.
- F3The 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.