SEC Form 4 · accession 0001209191-17-065923
Live Oak Bancshares, Inc. · LOB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
William Henderson Cameron
Director
Period of report
Dec 4, 2017
Accepted (ET)
Dec 15, 2017 · 4:24 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,F2 | Dec 4, 2017 | G | 5,912 | $0.00 | A | 140,279 | I | By William H. Cameron Revocable Trust |
| Voting Common Stock | holding | — | — | — | 15,000 | D | ||
| Voting Common Stock | holding | — | — | — | 470 | I | By GST-Exempt Trust |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF3,F4 | — | holding | — | — | — | — | — | Voting Common Stock | 1,210 | 1,210 | D |
| Stock Option (right to buy)F5 | $4.40 | holding | — | — | — | — | Mar 26, 2024 | Voting Common Stock | 30,000 | 30,000 | D |
Explanation of responses
- F1On November 4, 2016, the Reporting Person contributed 32,250 shares to a Grantor Retained Annuity Trust (the "GRAT"). On December 4, 2017, the trustee of the GRAT distributed 5,912 shares to the Reporting Person's Revocable Trust in satisfaction of the GRAT's annuity obligation to the Reporting Person.
- F2Includes 1,892 shares of the Issuer's common stock that were previously reported as directly owned by the Reporting Person.
- F3Each restricted stock unit represents a contingent right to receive one share of Live Oak Bancshares voting common stock.
- F4The restricted stock units vest on May 9, 2018.
- F5The 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.