Caines S. Brett 4

4 · Live Oak Bancshares, Inc. · Filed Jan 15, 2021

Form 4

Period: 2021-01-13

Chief Financial Officer

Transactions

Exercise/Conversion
Performance Restricted Stock Units
2021-01-13−10,000→ 20,000 total
Exp: 2028-08-10→ Voting Common Stock (10,000 underlying)
Exercise/Conversion
Voting Common Stock
2021-01-13+10,000→ 314,555 total
Tax Payment
Voting Common Stock
2021-01-13$48.90/sh−4,615$225,674→ 309,940 total

Holdings

Footnotes (4)

[F1]Each performance restricted stock unit ("PRSU") represents a right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
[F2]Ten thousand of the PRSUs vested on January 13, 2021. The vesting of these PRSUs was contingent upon the Company's voting common stock attaining a closing price equal to or greater than $45.00 per share for at least twenty (20) consecutive trading days at any time prior to August 10, 2028. On January 13, 2021, the compensation committee of the Company's board of directors certified that this stock price condition had been satisfied and that these PRSUs were vested. Ten thousand of the remaining PRSUs will vest upon each attainment of closing stock prices of $50.00 per share and $55.00 per share attained for at least twenty (20) consecutive trading days at any time prior to August 10, 2028.
[F3]Each restricted stock unit ("RSU") represents a right to receive one share of the Company's voting common stock.
[F4]The RSUs vest in five equal annual installments beginning on February 10, 2021, subject to the reporting person's continuous service to the Company or a related entity on such date.

Documents

1 file