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Director Patrick McHenry of Live Oak (NASDAQ: LOB) exercises 3,080 RSUs into common stock

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Live Oak Bancshares director Patrick Timothy McHenry exercised restricted stock units that had vested into common shares. On May 1, 2026, he converted 3,080 restricted stock units into 3,080 shares of Voting Common Stock at a stated price of $0.00 per share. Each restricted stock unit represented a contingent right to receive one share of voting common stock, and following this transaction he directly held 3,080 common shares. The filing shows an exercise-and-hold pattern, with no open-market sales reported in this transaction.

Positive

  • None.

Negative

  • None.
Insider McHenry Patrick Timothy
Role null
Type Security Shares Price Value
Exercise Restricted Stock Units 3,080 $0.00 --
Exercise Voting Common Stock 3,080 $0.00 --
Holdings After Transaction: Restricted Stock Units — 0 shares (Direct, null); Voting Common Stock — 3,080 shares (Direct, null)
Footnotes (1)
  1. Each restricted stock unit represents a contingent right to receive one share of Live Oak Bancshares, Inc. voting common stock. The restricted stock units vested on May 1, 2026.
RSUs exercised 3,080 units Restricted Stock Units converted on May 1, 2026
Shares acquired 3,080 shares Voting Common Stock received from RSU exercise
Shares held after 3,080 shares Total Voting Common Stock directly owned post-transaction
Exercise price $0.00 per share Stated transaction price for RSU conversion
Restricted Stock Units financial
"Each restricted stock unit represents a contingent right to receive one share"
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.
Voting Common Stock financial
"one share of Live Oak Bancshares, Inc. voting common stock"
Exercise or conversion of derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
derivative exercise/conversion financial
"transaction_action": "derivative exercise/conversion""
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
McHenry Patrick Timothy
(Last)(First)(Middle)
1741 TIBURON DRIVE
(Street)
WILMINGTON NORTH CAROLINA 28403
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Live Oak Bancshares, Inc. [ LOB ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Voting Common Stock05/01/2026M3,080A(1)3,080D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Restricted Stock Units(1)05/01/2026M3,080 (2) (2)Voting Common Stock3,080$00D
Explanation of Responses:
1. Each restricted stock unit represents a contingent right to receive one share of Live Oak Bancshares, Inc. voting common stock.
2. The restricted stock units vested on May 1, 2026.
Remarks:
/s/ Jonathan A. Greene, By Power of Attorney05/05/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Live Oak Bancshares (LOB) director Patrick McHenry report in this Form 4?

Director Patrick McHenry reported exercising 3,080 restricted stock units into 3,080 shares of Live Oak Bancshares Voting Common Stock. This was a derivative exercise/conversion transaction, not an open-market purchase or sale, and reflects compensation-related equity vesting.

How many Live Oak Bancshares (LOB) shares does Patrick McHenry hold after this transaction?

After the transaction, Patrick McHenry directly holds 3,080 shares of Live Oak Bancshares Voting Common Stock. These shares came from the vesting and exercise of restricted stock units, and no additional derivative holdings are listed as remaining in this filing.

What happened to the restricted stock units in Patrick McHenry’s Live Oak Bancshares (LOB) Form 4?

McHenry’s 3,080 restricted stock units vested on May 1, 2026 and were exercised into 3,080 shares of Voting Common Stock. Following this exercise, the filing shows zero restricted stock units remaining from this specific award.

Was Patrick McHenry’s Live Oak Bancshares (LOB) Form 4 a stock sale or a routine vesting?

The Form 4 reflects a routine vesting and exercise of restricted stock units, not a market sale or purchase. Code M indicates exercise or conversion of a derivative security, and no open-market buy or sell transactions are reported in this filing.

What does each restricted stock unit represent in the Live Oak Bancshares (LOB) Form 4?

Each restricted stock unit represents a contingent right to receive one share of Live Oak Bancshares Voting Common Stock. When the units vested on May 1, 2026, they were converted into an equal number of common shares reported in the Form 4.