0001209191-21-003896.txt : 20210115 0001209191-21-003896.hdr.sgml : 20210115 20210115191439 ACCESSION NUMBER: 0001209191-21-003896 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: SUTHERLAND JOHN W. CENTRAL INDEX KEY: 0001635154 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-37497 FILM NUMBER: 21533404 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 0001635154 SUTHERLAND JOHN W. 1741 TIBURON DRIVE WILMINGTON NC 28403 0 1 0 0 Chief Accounting Officer Voting Common Stock 2021-01-13 4 M 0 8000 A 74421 D Voting Common Stock 2021-01-13 4 F 0 3721 48.90 D 70700 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 2302 2302 D Employee Stock Option (right to buy) 10.634 2024-09-19 Voting Common Stock 10200 10200 D Employee Stock Option (right to buy) 17.00 2025-07-22 Voting Common Stock 12000 12000 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 September 19, 2015, as follows: 10% of the shares subject to the option vested on each of September 19, 2015, 2016, 2017, 2018, and 2019; and 25% of the shares subject to the option vest on each of September 19, 2020 and 2021. The shares subject to this option vest and become exercisable yearly in seven installments beginning on July 22, 2016, as follows: 10% of the shares subject to the option vested on each of July 22, 2016, 2017, 2018, 2019, and 2020; and 25% of the shares subject to the option vest on each of July 22, 2021 and 2022. /s/ Jonathan A. Greene, by Power of Attorney 2021-01-15