SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
  
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Cairns Michael
(Last) (First) (Middle)
1741 TIBURON DRIVE
(Street)
WILMINGTON NC 28403
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Live Oak Bancshares, Inc. [ LOB ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Credit Officer
3. Date of Earliest Transaction (Month/Day/Year)
12/09/2024
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Voting Common Stock 12/09/2024 M 943 A (1) 6,443 D
Voting Common Stock 12/09/2024 M 945 A (1) 7,388 D
Voting Common Stock 12/09/2024 F 840 D $45.3 6,548 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units (1) 12/09/2024 M 943 (2) (2) Voting Common Stock 943 $0 2,829 D
Restricted Stock Units (1) 12/09/2024 M 945 (3) (3) Voting Common Stock 945 $0 3,784 D
Restricted Stock Units (1) (4) (4) Voting Common Stock 390 390 D
Restricted Stock Units (1) (5) (5) Voting Common Stock 290 290 D
Restricted Stock Units (1) (6) (6) Voting Common Stock 706 706 D
Restricted Stock Units (1) (7) (7) Voting Common Stock 12,100 12,100 D
Explanation of Responses:
1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
2. 943 of the RSUs will vest on each of December 9, 2024, 2025, 2026, and 2027, subject to the reporting person's continuous service to the Company or a related entity on such date.
3. 945 of the RSUs will vested on December 9, 2024, and 946 of the RSUs will vest on each of December 8, 2025, 2026, 2027, and 2028, subject to the reporting person's continuous service to the Company or a related entity on such date
4. The RSUs will vest on February 10, 2025, subject to the reporting person's continuous service to the Company or a related entity on such date.
5. 145 of the RSUs will vest on each of February 22, 2025 and 2026, subject to the reporting person's continuous service to the Company or a related entity on such date.
6. 235 of the RSUs will vest on each of December 15, 2024 and 2025, and 236 of the RSUs will vest on December 15, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date.
7. 2,420 of the RSUs will vest on each of August 19, 2025, 2026, 2027, 2028, and 2029, subject to the reporting person's continuous service to the Company or a related entity on such date.
Remarks:
/s/ Jonathan A. Greene, By Power of Attorney 12/11/2024
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
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