# EDGAR Filing Document

**Accession Number:** 0001635154
**File Stem:** 0001209191-23-009593
**Filing Date:** 2023-2
**Character Count:** 7532
**Document Hash:** d0922ec77e0b6477024bddc9fd1d3ad8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001209191-23-009593.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001209191-23-009593

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230210

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**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:** 23633345

**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

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>SUTHERLAND JOHN W.<br><sub>(Last) (First) (Middle)</sub><br>1741 TIBURON DRIVE<br><sub>(Street)</sub><br>WILMINGTON, NC 28403<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-10 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Accounting Officer_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Live Oak Bancshares, Inc. [ LOB ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Voting Common Stock | 2023-02-10 |  | M |  | 461 | A | <sup>(1)</sup> | 76108 | D |  |
| Voting Common Stock | 2023-02-10 |  | F |  | 161 | D | $34.34 | 75947 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | <sup>(1)</sup> | 2023-02-10 |  | M |  |  | 461 | <sup>(2)</sup> | <sup>(2)</sup> | Voting Common Stock | 461 | $0.00 | 921 | D |  |
| Restricted Stock Units | <sup>(1)</sup> | 2023-02-13 |  | A |  | 3556 |  | <sup>(3)</sup> | <sup>(3)</sup> | Voting Common Stock | 3356 | $0.00 | 3356 | D |  |
| Restricted Stock Units | <sup>(1)</sup> |  |  |  |  |  |  | <sup>(4)</sup> | <sup>(4)</sup> | Voting Common Stock | 1580 |  | 1580 | D |  |
| Restricted Stock Units | <sup>(1)</sup> |  |  |  |  |  |  | <sup>(5)</sup> | <sup>(5)</sup> | Voting Common Stock | 711 |  | 711 | D |  |
| Employee Stock Option (right to buy) | $17.00 |  |  |  |  |  |  | <sup>(6)</sup> | 2025-07-22 | Voting Common Stock | 3000 |  | 3000 | D |  |

---

### Footnotes:

(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) 460 of the RSUs will vest on February 10, 2022 and 2024; and 461 of the RSUs will vest on February 10, 2023 and 2025, subject to the reporting person's continuous service to the Company or a related entity on such date.

(3) The RSUs vest in five pro rata installments beginning on February 13, 2024, subject to the reporting person's continuous service to the Company or a related entity on such date.

(4) The RSUs vest in five equal annual installments beginning on February 14, 2023, subject to the reporting person's continuous service to the Company or a related entity on such date.

(5) The RSUs vest in five equal annual installments beginning on February 22, 2022, subject to the reporting person's continuous service to the Company or a related entity on such date.

(6) The shares subject to this option vested and became 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; 25% of the shares subject to the option vested on July 22, 2021; and 25% of the shares subject to the option vested on July 22, 2022.

**Signature:** /s/ Jonathan A. Greene, by Power of Attorney  
**Date:** 2023-02-14

### Remarks:

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.**