SEC Form 4 · accession 0001209191-17-007255
Live Oak Bancshares, Inc. · LOB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Neil Lawrence Underwood
Officer — President · Director
Period of report
Jan 31, 2017
Accepted (ET)
Feb 2, 2017 · 6:05 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 StockF1 | Jan 31, 2017 | M | 435,000 | — | A | 1,435,010 | D | |
| Voting Common Stock | Jan 31, 2017 | F | 202,287 | $20.45 | D | 1,232,723 | D | |
| Voting Common Stock | holding | — | — | — | 50,000 | I | By spouse |
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 | M | 435,000 | D | — | — | Voting Common Stock | 435,000 | 0 | D |
| Performance Restricted Stock UnitsF2 | — | holding | — | — | — | — | Mar 23, 2023 | Voting Common Stock | 600,000 | 600,000 | 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 was subject to the Company achieving total revenue of at least $100 million for fiscal year 2016.
- F2The vesting of the performance RSUs under this award is subject to the Company achieving total revenue of at least $100 million for fiscal year 2016. 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 March 23, 2023.