SEC Form 4 · accession 0001209191-19-010846
Live Oak Bancshares, Inc. · LOB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Huntley Garriott
Officer — President, Live Oak Bank
Period of report
Feb 11, 2019
Accepted (ET)
Feb 19, 2019 · 7:37 am 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 | — | — | — | 55,000 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1,F2 | — | Feb 11, 2019 | A | 30,000 | A | — | — | Voting Common Stock | 30,000 | 30,000 | D |
| Performance Restricted Stock UnitsF3 | — | Feb 11, 2019 | A | 500,000 | A | — | Feb 11, 2029 | Voting Common Stock | 500,000 | 500,000 | D |
Explanation of responses
- F1Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
- F2The shares subject to this RSU vest in four equal annual installments beginning on February 11, 2020.
- F3Each performance RSU represents a contingent right to receive one share of the Company's voting common stock. A portion of the performance RSUs will vest if the Company's voting common stock attains various closing prices for at least twenty consecutive trading days at any time prior to February 11, 2029, in accordance with the following: 20% of the performance RSUs will vest upon the attainment of closing stock prices of $35.00 per share, $40.00 per share, $45.00 per share, $50.00 per share, and $55.00 per share.