Live Oak Bancshares Grants Restricted Stock Units

By Tamara Parker • Saturday, February 15 10:17 • Permanent Link

Live Oak Bancshares, Inc. recently announced the granting of [QUANTITY] restricted stock units (Units) to a Grantee, effective as of February 10, 2025. These Units are subject to the conditions of the 2015 Omnibus Stock Incentive Plan.

The Units are initially unvested and will vest according to the terms specified in Exhibit A of the agreement. In the event of the Grantee’s termination of Continuous Service, unvested Units will be forfeited, unless otherwise provided in Exhibit A.

Upon vesting, the Units will be settled by delivering a corresponding number of Shares to the Grantee, with delivery to occur no later than two and a half months following the vesting date.

The Grantee's rights to the Units and the resulting Shares are non-transferable, and the agreement specifies the Grantee's responsibility for tax liabilities associated with the Units.

Furthermore, the agreement addresses the potential application of Section 409A of the Code, stating the intention to comply with its requirements. In the event that the Grantee receives compensation subject to forfeiture or repayment under the Company's policy or applicable law, the Grantee is obligated to forfeit and repay such amounts.

The agreement also includes provisions for adjustments in the event of stock splits, stock dividends, or other changes in capitalization. It outlines the Grantee's consent to receive related documents electronically and acknowledges the Company's collection and use of personal information for the administration of the Plan.

Lastly, the agreement clarifies that the grant of Units does not confer any right to continued employment with the Company, and that it is binding upon the Grantee and the Company, with provisions for electronic signatures and notice procedures.

This recent announcement reflects Live Oak Bancshares, Inc.'s commitment to incentivizing and rewarding its employees through equity-based compensation, while also addressing the associated legal and tax considerations. The market has reacted to these announcements by moving the company's shares -2.8% to a price of $33.93. For more information, read the company's full 8-K submission here.

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