0001209191-20-062569.txt : 20201209 0001209191-20-062569.hdr.sgml : 20201209 20201209171508 ACCESSION NUMBER: 0001209191-20-062569 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20201208 FILED AS OF DATE: 20201209 DATE AS OF CHANGE: 20201209 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Seward Gregory W CENTRAL INDEX KEY: 0001656656 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-37497 FILM NUMBER: 201378584 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 2020-12-08 0 0001462120 Live Oak Bancshares, Inc. LOB 0001656656 Seward Gregory W 1741 TIBURON DRIVE WILMINGTON NC 28403 0 1 0 0 General Counsel Voting Common Stock 2020-12-08 4 M 0 8000 A 68224 D Voting Common Stock 2020-12-08 4 F 0 3576 41.98 D 64648 D Performance Restricted Stock Units 2020-12-08 4 M 0 8000 0.00 D 2028-08-10 Voting Common Stock 8000 24000 D Restricted Stock Units Voting Common Stock 10011 10011 D Employee Stock Option (right to buy) 14.55 2025-11-19 Voting Common Stock 30000 30000 D Each performance restricted stock unit ("PRSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company"), voting common stock. Eight thousand of the PRSUs vested on December 8, 2020. The vesting of these PRSUs was contingent upon the Company's voting common stock attaining a closing price equal to or greater than $40.00 per share for at least twenty (20) consecutive trading days at any time prior to August 10, 2028. On December 8, 2020, 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. Eight thousand of the remaining PRSUs will vest upon each attainment of closing stock prices of $45.00 per share, $50.00 per share, and $55.00 per share once they are attained for at least twenty (20) consecutive trading days at any time prior to August 10, 2028. Each restricted stock unit ("RSU") represents a right to receive one share of the Company's voting common stock. 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. The shares subject to this option vest and become exercisable yearly in seven installments beginning on November 19, 2016, as follows: 10% of the shares subject to the option vest on each of November 19, 2016, 2017, 2018, 2019,and 2020; and 25% of the shares subject to the option vest on each of November 19, 2021 and 2022. /s/ Jonathan A. Greene, by Power of Attorney 2020-12-09