SEC Form 4 · accession 0001209191-17-007250
Live Oak Bancshares, Inc. · LOB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
S. Brett Caines
Officer — Chief Financial Officer
Period of report
Jan 31, 2017
Accepted (ET)
Feb 2, 2017 · 6:02 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 | — | — | — | 434,510 | 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 | — | Jan 31, 2017 | A | 3,427 | A | — | Jan 31, 2024 | Voting Common Stock | 3,427 | 3,427 | D |
| Restricted Stock UnitsF2,F3 | — | holding | — | — | — | — | — | Voting Common Stock | 130 | 130 | D |
| Performance Restricted Stock UnitsF4 | — | holding | — | — | — | — | Nov 30, 2023 | Voting Common Stock | 50,000 | 50,000 | 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 January 1, 2017 through December 31, 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 $38.00 per share for at least twenty (20) consecutive trading days at any time prior to January 31, 2024.
- F2Each restricted stock unit represents a right to receive one share of the Company's voting common stock.
- F3The restricted stock units vest in three equal annual installments beginning on January 30, 2016.
- F4Each performance RSU represents a contingent right to receive one share of the Company's 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.