[Form 4] Live Oak Bancshares, Inc. Insider Trading Activity

Rhea-AI Filing Summary

David G. Lucht, a director of Live Oak Bancshares, Inc. (LOB), reported transactions on 08/18/2025. He purchased 4,000 depositary shares at $25.1248 per depositary share, resulting in beneficial ownership of 4,000 depositary shares and 18,677 voting common shares following the transaction. The filing also shows 2,946 restricted stock units held that vest on May 1, 2026. The filing explains that each depositary share equals a 1/40th interest in the Companys Series A Preferred Stock (equivalent to $25.00 per depositary share) and that each RSU represents a contingent right to one share of voting common stock.

Positive

• Insider purchase reported: Director acquired 4,000 depositary shares on 08/18/2025 at $25.1248, increasing direct stake.
• Clear disclosure of RSUs: 2,946 restricted stock units disclosed with a vesting date of May 1, 2026, improving transparency on potential dilution.

Negative

• None.

Insights

Financial Analyst

TL;DR: Director bought 4,000 depositary shares at ~$25.12, modest insider buy indicating incremental insider commitment.

The purchase of 4,000 depositary shares at $25.1248 increases the reporting persons direct holdings of depositary shares to 4,000 and confirms ownership of 18,677 voting common shares. The transaction is a straightforward open-market acquisition of depositary shares tied to the Series A Preferred Stock; no options or sales are reported. The filing also discloses 2,946 RSUs that vest on May 1, 2026, representing future potential common shares. This disclosure is routine under Section 16 and provides transparency on insider ownership changes.

Corporate Governance Expert

TL;DR: Routine Section 16 disclosure of a directors purchase and outstanding RSUs; no governance actions or departures noted.

The Form 4 documents a director-level acquisition of depositary shares and reports outstanding restricted stock units with a specified vesting date. The filing is compliant in format and signed by power of attorney. There are no amendments, sales, or derivative exercises reported that would raise governance or compliance concerns. The information aids assessment of insider alignment with shareholders but does not indicate any change in board composition or control.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

LUCHT DAVID G

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

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
Depositary Shares(1)	08/18/2025		P		4,000	A	$25.1248	4,000	D
Voting Common Stock								18,677	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	(2)							(3)	(3)	Voting Common Stock	2,946		2,946	D

Explanation of Responses:

1. Each depositary share represents a 1/40th interest in a share of Live Oak Bancshares, Inc. (the "Company") 8.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, no par value per share with a liquidation preference of $1,000 per share (equivalent to $25.00 per depositary share) (the "Series A Preferred Stock"). Each depositary share entitles the holder to a proportional fractional interest in all rights and preferences of the Series A Preferred Stock (including dividend, redemption, and liquidation rights).

2. Each restricted stock unit represents a contingent right to receive one share of the Company's. voting common stock.

3. The restricted stock units vest on May 1, 2026.

Remarks:

	/s/ Jonathan A. Greene, By Power of Attorney	08/20/2025
	** 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.

FAQ

Who filed the Form 4 for LOB and what was reported?

The Form 4 was filed on behalf of David G. Lucht, a director, reporting the purchase of 4,000 depositary shares and holdings of 18,677 voting common shares and 2,946 RSUs.

What security was purchased and at what price on 08/18/2025?

The filing reports acquisition of 4,000 depositary shares at a price of $25.1248 per depositary share on 08/18/2025.

What does each depositary share represent in LOBs capital structure?

Each depositary share represents a 1/40th interest in the Companys 8.375% Series A Preferred Stock, equivalent to $25.00 per depositary share.

How many restricted stock units does the reporting person hold and when do they vest?

The reporting person holds 2,946 restricted stock units that vest on May 1, 2026.

Does the Form 4 show any sales or derivative exercises by the reporting person?

No; the Form 4 only discloses an acquisition of depositary shares and outstanding RSUs, with no sales or option/derivative exercises reported.