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LIVE OAK BANCSHARES, INC. (NASDAQ:LOB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

LIVE OAK BANCSHARES, INC. (NASDAQ:LOB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item 5.02.

Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
As previously announced, Scott M. Custer joined Live Oak Banking
Company (the Bank) as President. As part of the reorganization,
Neil Underwood remains President of Live Oak Bancshares, Inc.
(the Company), parent company of the Bank. As of May 9, 2017, the
Company no longer has a designated Chief Operating Officer. With
Mr. Underwood focusing on the Companys strategic technology
development, Mr. Custer and Gregory B. Thompson, Chief Operating
Officer of the Bank, will focus on the Bank as it expands into
new industries, products and solutions to support its growing
small business customer base.
Item 5.07.
Submission of Matters to a Vote of Security Holders.
(a) The 2017 Annual Meeting of Shareholders (the “Annual
Meeting”) of the Company was held on May 9, 2017. On March 10,
2017, the record date for the Annual Meeting, 29,850,813 shares
of the Companys voting common stock were issued and outstanding,
of which 26,885,743 were present for purposes of establishing a
quorum.
(b) Shareholders voted on the following matters at the Annual
Meeting:
(1)
Shareholders elected William H. Cameron, Diane B. Glossman,
Glen F. Hoffsis, Howard K. Landis III, David G. Lucht,
James S. Mahan III, Miltom E. Petty, Jerald L. Pullins,
Neil L. Underwood and William L. Williams III to the Board
of Directors for terms of one year; and
(2)
Shareholders ratified Dixon Hughes Goodman LLP as the
Companys independent auditors for 2017.
Set forth below are the number of votes cast for or against each
such matter as well as the number of abstentions and broker
non-votes with respect to each such matter.
Item
For
Against
Withheld/
Abstain
Broker
Non-Votes
Election of Directors
William H. Cameron
21,149,074
1,503,361
4,233,308
Diane B. Glossman
21,180,047
1,472,388
4,233,308
Glen F. Hoffsis
21,198,067
1,454,368
4,233,308
Howard K. Landis III
21,199,277
1,453,158
4,233,308
David G. Lucht
22,561,891
90,544
4,233,308
James S. Mahan III
22,580,223
72,212
4,233,308
Miltom E. Petty
22,584,945
67,490
4,233,308
Jerald L. Pullins
22,583,643
68,792
4,233,308
Neil L. Underwood
22,577,923
74,512
4,233,308
William L. Williams III
22,571,648
80,787
4,233,308
Ratification of the Selection of Dixon Hughes Goodman
LLP as Independent Auditors of the Company for 2017
26,687,509
173,544
24,690

About LIVE OAK BANCSHARES, INC. (NASDAQ:LOB)
Live Oak Bancshares, Inc. is the bank holding company for Live Oak Banking Company (the Bank). The Bank is a commercial bank and a national online platform for small business lending. The Company provides certain small businesses across the United States a means to access capital. The Company primarily originates loans partially guaranteed by the United States Small Business Administration (SBA) to small businesses and professionals. It offers commercial and industrial loans, construction and development loans, and owner occupied commercial real estate loans for agriculture, death care management, healthcare, independent pharmacies, registered investment advisors and veterinary industry, among others. The Company also offers commercial land loans for agriculture. It owns Live Oak Grove, LLC, which provides company employees and business visitors an on-site restaurant location, and Government Loan Solutions, Inc., a management and technology consulting company, among others. LIVE OAK BANCSHARES, INC. (NASDAQ:LOB) Recent Trading Information
LIVE OAK BANCSHARES, INC. (NASDAQ:LOB) closed its last trading session up +0.40 at 25.45 with 128,538 shares trading hands.

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