0000899243-16-016613.txt : 20160325 0000899243-16-016613.hdr.sgml : 20160325 20160325163028 ACCESSION NUMBER: 0000899243-16-016613 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20160323 FILED AS OF DATE: 20160325 DATE AS OF CHANGE: 20160325 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 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Underwood Neil Lawrence CENTRAL INDEX KEY: 0001337412 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-37497 FILM NUMBER: 161529947 MAIL ADDRESS: STREET 1: 1420 CANOOCHEE DRIVE CITY: ATLANTA STATE: GA ZIP: 30319 4 1 doc4.xml FORM 4 SUBMISSION X0306 4 2016-03-23 0 0001462120 Live Oak Bancshares, Inc. LOB 0001337412 Underwood Neil Lawrence 1741 TIBURON DRIVE WILMINGTON NC 28403 1 1 0 0 President Voting Common Stock 1000010 D Voting Common Stock 50000 I By spouse Performance Restricted Stock Units 2016-03-23 4 A 0 435000 0.00 A Voting Common Stock 435000 435000 D Performance Restricted Stock Units 2016-03-23 4 A 0 600000 0.00 A 2023-03-23 Voting Common Stock 600000 600000 D 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 is subject to the Company achieving total revenue of at least $100 million for fiscal year 2016 which will be determined promptly after the end of the performance period and no later than April 30, 2017. In the event the Company does not meet this performance criterion, all of the RSUs will be forfeited. The vesting of the RSUs is subject to the approval by the Company's shareholders of certain amendments to the Company's 2015 Omnibus Stock Incentive Plan (the "Plan") at the annual meeting of the Company's shareholders scheduled for May 2016. In the event that such amendments are not approved by the shareholders, then the RSUs will be canceled. The vesting of the performance RSUs under this award is subject to the Company achieving total revenue of at least $100 million for fiscal year 2016. 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 March 23, 2023. The vesting of the RSUs is subject to the approval by the Company's shareholders of certain amendments to the Plan at the annual meeting of the Company's shareholders scheduled for May 2016. In the event that such amendments are not approved by the shareholders, then the RSUs will be canceled. /s/ Jonathan A. Greene, by Power of Attorney 2016-03-25