Underwood Neil Lawrence 4
4 · Live Oak Bancshares, Inc. · Filed Nov 27, 2020
Insider Transaction Report
Form 4
Underwood Neil Lawrence
DirectorPresident
Transactions
- Exercise/Conversion
Performance Restricted Stock Units
2020-11-24−600,000→ 0 total→ Voting Common Stock (600,000 underlying) - Exercise/Conversion
Voting Common Stock
2020-11-24+600,000→ 600,000 total - Tax Payment
Voting Common Stock
2020-11-24$46.09/sh−268,200$12,361,338→ 331,800 total
Holdings
- 50,000(indirect: By Trust)
Voting Common Stock
- 1,350,434(indirect: By Trust)
Voting Common Stock
Footnotes (2)
- [F1]Each performance restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company"), voting common stock.
- [F2]The RSUs vested on November 24, 2020. The vesting of the RSUs was subject to the Company achieving total revenue of at least $100 million for fiscal year 2016. This condition was satisfied as of December 31, 2016. Vesting was also contingent upon the Company's voting common stock obtaining a closing price equal to or greater than $34.00 per share for at least 20 consecutive trading days at any time prior to March 23, 2023. On November 24, 2020, the compensation committee of the Company's board of directors certified that this stock price condition had been satisfied and that the RSUs were vested.