SEC Form 4 · accession 0001209191-16-153130
Live Oak Bancshares, Inc. · LOB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John W. Sutherland
Officer — Chief Accounting Officer
Period of report
Nov 30, 2016
Accepted (ET)
Dec 2, 2016 · 5:43 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 | holding | — | — | — | 34,300 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance Restricted Stock UnitsF1 | — | Nov 30, 2016 | A | 25,000 | A | — | Nov 30, 2023 | Voting Common Stock | 25,000 | 25,000 | D |
| Restricted Stock UnitsF2,F3 | — | holding | — | — | — | — | — | Voting Common Stock | 162 | 162 | D |
| Employee Stock Option (right to buy)F4 | $10.634 | holding | — | — | — | — | Sep 19, 2024 | Voting Common Stock | 18,000 | 18,000 | D |
| Employee Stock Option (right to buy)F5 | $17.00 | holding | — | — | — | — | Jul 22, 2025 | Voting Common Stock | 12,000 | 12,000 | D |
Explanation of responses
- F1Each performance restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. The vesting of the performance RSUs under this award is subject to the Company achieving total revenue of at least $100 million for the period from October 1, 2016 through September 30, 2017. In addition, in order for the RSUs to vest, the Company's voting common stock must attain a closing price equal to or greater than $34.00 per share for at least twenty (20) consecutive trading days at any time prior to November 30, 2023.
- F2Each restricted stock unit represents a right to receive one share of Live Oak Bancshares voting common stock.
- F3The restricted stock units vest in three equal annual installments beginning on January 30, 2016.
- F4The shares subject to this option vest and become exercisable yearly in seven installments beginning on September 19, 2015, as follows: 10% of the shares subject to the option vest on each of September 19, 2015, 2016, 2017, 2018, and 2019; and 25% of the shares subject to the option vest on each of September 19, 2020 and 2021.
- F5The 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.