Live Oak Bancshares (LOB) director adds stock through RSU vesting and preferred depositary shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Live Oak Bancshares director David G. Lucht increased his equity stake through RSU vesting. On May 1, 2026, 2,946 restricted stock units vested and were converted into an equal number of shares of Live Oak voting common stock at a stated price of $0.00 per share.
Following this transaction, Lucht directly holds 18,623 shares of voting common stock. He also directly holds 4,000 depositary shares, each representing a 1/40th interest in a share of the company’s 8.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, with a liquidation preference of $1,000 per preferred share, equivalent to $25.00 per depositary share.
Positive
- None.
Negative
- None.
Insider Trade Summary
2,946 shares exercised/converted
Mixed
3 txns
Insider
LUCHT DAVID G
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 2,946 | $0.00 | -- |
| Exercise | Voting Common Stock | 2,946 | $0.00 | -- |
| holding | Depositary Shares | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Units — 0 shares (Direct, null);
Voting Common Stock — 18,623 shares (Direct, null);
Depositary Shares — 4,000 shares (Direct, null)
Footnotes (1)
- Each restricted stock unit represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. Each depositary share represents a 1/40th interest in a share of the Company's 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). The restricted stock units vested on May 1, 2026.
Key Figures
RSUs converted: 2,946 units/shares
Common shares held: 18,623 shares
Depositary shares held: 4,000 depositary shares
+4 more
7 metrics
RSUs converted
2,946 units/shares
Restricted stock units vested and converted on May 1, 2026
Common shares held
18,623 shares
Voting common stock directly held after transactions
Depositary shares held
4,000 depositary shares
Direct holdings of Series A preferred stock depositary shares
Interest per depositary share
1/40th of preferred share
Each depositary share represents 1/40th interest in Series A preferred
Preferred dividend rate
8.375%
Fixed rate on Series A Non-Cumulative Perpetual Preferred Stock
Liquidation preference per preferred share
$1,000 per share
Series A preferred stock liquidation preference
Liquidation preference per depositary share
$25.00 per depositary share
Equivalent liquidation preference of underlying preferred interest
Key Terms
Restricted Stock Units, Depositary Shares, Non-Cumulative Perpetual Preferred Stock, liquidation preference
4 terms
Restricted Stock Units financial
"The restricted stock units vested on May 1, 2026."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Non-Cumulative Perpetual Preferred Stock financial
"8.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A"
Non-cumulative perpetual preferred stock is a type of investment that pays a fixed dividend forever, without a set end date. If the company skips some dividends in a year, you don’t get that money later, and it’s gone forever. It matters because investors get regular income but may miss out if the company faces financial trouble.
liquidation preference financial
"with a liquidation preference of $1,000 per share"
A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.
