0001209191-18-027397.txt : 20180502 0001209191-18-027397.hdr.sgml : 20180502 20180502165200 ACCESSION NUMBER: 0001209191-18-027397 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20180501 FILED AS OF DATE: 20180502 DATE AS OF CHANGE: 20180502 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Caines S. Brett CENTRAL INDEX KEY: 0001647119 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-37497 FILM NUMBER: 18800401 MAIL ADDRESS: STREET 1: 1741 TIBURON DRIVE CITY: WILMINGTON STATE: NC ZIP: 28403 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: Live Oak Bancshares, Inc. CENTRAL INDEX KEY: 0001462120 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 264596286 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 1741 TIBURON DRIVE CITY: WILMINGTON STATE: NC ZIP: 28403 BUSINESS PHONE: 910-790-5867 MAIL ADDRESS: STREET 1: 1741 TIBURON DRIVE CITY: WILMINGTON STATE: NC ZIP: 28403 4 1 doc4.xml FORM 4 SUBMISSION X0306 4 2018-05-01 0 0001462120 Live Oak Bancshares, Inc. LOB 0001647119 Caines S. Brett 1741 TIBURON DRIVE WILMINGTON NC 28403 0 1 0 0 Chief Financial Officer Voting Common Stock 2018-05-01 4 S 0 3607 27.72 D 329476 D Performance Restricted Stock Units 2023-11-30 Voting Common Stock 50000 50000 D Performance Restricted Stock Units 2024-01-31 Voting Common Stock 3427 3427 D Performance Restricted Stock Units 2025-03-21 Voting Common Stock 50000 50000 D The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 8, 2017. This transaction was executed in multiple trades ranging from $27.65 to $27.80. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder full information regarding the number of shares and prices at which the transactions were effected. Each performance restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. The vesting of the performance RSUs under this award is subject to the Company achieving total revenue of at least $100 million for the period from October 1, 2016 through September 30, 2017. In addition, in order for the RSUs to vest, the Company's voting common stock must attain a closing price equal to or greater than $34.00 per share for at least twenty (20) consecutive trading days at any time prior to November 30, 2023. Each performance RSU represents a contingent right to receive one share of the Company's voting common stock. The vesting of the performance RSUs under this award is subject to the Company achieving total revenue of at least $100 million for the period from January 1, 2017 through December 31, 2017. In addition, in order for the RSUs to vest, the Company's voting common stock must attain a closing price equal to or greater than $38.00 per share for at least twenty (20) consecutive trading days at any time prior to January 31, 2024. Each performance RSU represents a contingent right to receive one share of the Company's voting common stock. In order for the RSUs to vest, the Company's voting common stock must attain a closing price equal to or greater than $48.00 per share for at least twenty (20) consecutive trading days at any time prior to March 21, 2025. /s/ Jonathan A Greene, by Power of Attorney 2018-05-02