X0306 4 2019-02-11 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 263952 D Performance Restricted Stock Units 2019-02-11 4 D 0 50000 0.00 D 2025-08-10 Voting Common Stock 50000 0 D Performance Restricted Stock Units 2019-02-11 4 A 0 50000 0.00 A 2028-08-10 Voting Common Stock 50000 50000 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 See Remarks. 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 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 restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. The two reported transactions involve a modification of the terms of the RSUs to lengthen the vesting schedule from seven years to ten years and change the amount of RSUs that vest at various target stock prices. This modification results in the deemed cancellation of the original RSUs and the grant of replacement RSUs. The RSUs were originally granted on August 10, 2018. Under the terms of the original awards, a portion of the RSUs were scheduled to vest if the Company's voting common stock attained various closing prices for at least twenty consecutive trading days at any time prior to August 10, 2025, in accordance with the following: 2.5% of the RSUs were to vest upon the attainment of closing stock prices of $35.00 per share, $40.00 per share, $45.00 per share, and $50.00 per share, and 90% of the RSUs were to vest upon the attainment of a closing stock price of $55.00 per share. As modified, a portion of the RSUs will vest if the Company's voting common stock attains various closing prices for at least twenty consecutive trading days at any time prior to August 10, 2028, in accordance with the following: 20% of the RSUs will vest upon the attainment of closing stock prices of $35.00 per share, $40.00 per share, $45.00 per share, $50.00 per share, and $55.00 per share. /s/ Jonathan A. Greene, by Power of Attorney 2019-02-13