Form Type: 4

SEC EDGAR Link
Accession Number:0001209191-20-008831
Date:2020-02-10
Issuer: LIVE OAK BANCSHARES, INC. (LOB)
Original Submission Date:

Reporting Person:

GARRIOTT HUNTLEY
1741 TIBURON DRIVE
WILMINGTON, NC 28403

Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
Title of SecurityTransaction Date2a. Deemed Execution Date Transaction CodeSharesAcquired or DisposedPrice per share 5. Amount of Securities Beneficially Owned Following Reported Transaction 6. Ownership Form Direct or IndirectNature of Indirect Ownership
VOTING COMMON STOCK 2020-02-11 M 7,500 a $0.00 62,500 direct
VOTING COMMON STOCK 2020-02-11 F 2,406 d $18.00 60,094 direct
Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, convertible securities
Title of Derivative Security Conversion or Exercise Price of Derivative Security Transaction Date Deemed Execution Date Transaction Code Number of Derivative Securities Acquired (A) or Disposed of (D) Date ExercisableExpiration Date Title and Amount of Securities Underlying Derivative Security Price of Derivative Security Number of derivative Securities Beneficially Owned Following Reported Transaction(s) Ownership Form: Direct (D) or Indirect (I) Nature of Indirect Beneficial Ownership
RESTRICTED STOCK UNITS 0.0 2020-02-10 deemed execution date A 22,246 (a) voting common stock 22,246 $0.00 22,246 direct
RESTRICTED STOCK UNITS 0.0 2020-02-11 deemed execution date M 7,500 (d) voting common stock 7,500 $0.00 22,500 direct
PERFORMANCE RESTRICTED STOCK UNITS 0.0 2020-02-10 deemed execution date 0 ( ) 2029-02-11 voting common stock 500,000 $0.00 500,000 direct
Footnotes
IDfootnote
f1 each 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 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.
f3 the rsus vest in equal annual installments beginning on february 11, 2020 as follows: 7,500 shares vest on each of february 11, 2020, 2021, 2022, and 2023.
f4 each 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.
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