0001209191-21-003894.txt : 20210115
0001209191-21-003894.hdr.sgml : 20210115
20210115191244
ACCESSION NUMBER: 0001209191-21-003894
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20210113
FILED AS OF DATE: 20210115
DATE AS OF CHANGE: 20210115
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: 21533401
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
2021-01-13
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
2021-01-13
4
M
0
8000
A
72648
D
Voting Common Stock
2021-01-13
4
F
0
3721
48.90
D
68927
D
Performance Restricted Stock Units
2021-01-13
4
M
0
8000
0.00
D
2028-08-10
Voting Common Stock
8000
16000
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 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. Eight thousand of the remaining PRSUs will vest upon each attainment of closing stock prices of $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
2021-01-15