Live Oak director sells 6,590 shares at $40.09

Live Oak Bancshares director William L. Williams III sold 6,590 shares under a Rule 10b5-1 plan but continues to report sizable direct and indirect holdings.

Rhea-AI Filing Summary

Live Oak Bancshares, Inc. (LOB) director William L. Williams III reported selling 6,590 shares of Voting Common Stock on September 3, 2026 at a weighted average price of $40.0941 per share through the William L. Williams Revocable Trust.

The sale was effected under a Rule 10b5-1 trading plan adopted on March 12, 2026. After this transaction, the Revocable Trust reported owning 1,105,725.8621 shares indirectly, while Williams also reported 52,825 shares held directly and additional indirect holdings of 14,110 shares through Spoint-ILM, LLC and 137,025 shares through the Elizabeth Williams Family Trust.

Insider Trade Summary 10b5-1

Net Seller: 6,590 shares

Net Sell 4 txns

Insider WILLIAMS WILLIAM L. III

Role Director

Sold 6,590 shs ($264K)

Type	Security	Shares	Price	Value
Sale	Voting Common Stock F1, F2	6,590	$40.0941	$264K
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--

Holdings After Transaction: Voting Common Stock — 1,105,725.8621 shares (Indirect, By William L. Williams Revocable Trust); Voting Common Stock — 52,825 shares (Direct); Voting Common Stock — 14,110 shares (Indirect, By Spoint-ILM, LLC); Voting Common Stock — 137,025 shares (Indirect, By Elizabeth Williams Family Trust)

Footnotes (2)

1. F1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 12, 2026.
2. F2. This transaction was executed in multiple trades at prices ranging from $40.09 to $40.1850. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of shares and prices at which the trades were effected.

Key Figures

Shares sold: 6,590 shares Sale price per share: $40.0941 per share Revocable Trust holdings after sale: 1,105,725.8621 shares +4 more

7 metrics

Shares sold 6,590 shares Sale of Voting Common Stock on September 3, 2026

Sale price per share $40.0941 per share Weighted average sale price for the 6,590 shares sold on September 3, 2026

Revocable Trust holdings after sale 1,105,725.8621 shares Indirect ownership by William L. Williams Revocable Trust after the reported sale

Direct holdings after transactions 52,825 shares Shares of Voting Common Stock held directly by William L. Williams III

Spoint-ILM, LLC indirect holdings 14,110 shares Indirect ownership reported through Spoint-ILM, LLC

Elizabeth Williams Family Trust indirect holdings 137,025 shares Indirect ownership reported through Elizabeth Williams Family Trust

Rule 10b5-1 plan adoption date March 12, 2026 Date the trading plan governing the reported sale was adopted

Key Terms

Rule 10b5-1 trading plan, weighted average price, indirect ownership

3 terms

Rule 10b5-1 trading plan regulatory

"The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 12, 2026."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

indirect ownership financial

"By William L. Williams Revocable Trust"

FAQ

What insider transaction did LOB director William L. Williams III report?

He reported a sale of 6,590 shares of Live Oak Bancshares Voting Common Stock on September 3, 2026 at a weighted average price of $40.0941 per share, executed through the William L. Williams Revocable Trust.

Was the September 3, 2026 sale of LOB shares made under a Rule 10b5-1 plan?

Yes. The filing states the sales were effected under a Rule 10b5-1 trading plan that William L. Williams III adopted on March 12, 2026, indicating the trades followed a pre-arranged plan.

How many LOB shares does the William L. Williams Revocable Trust hold after the sale?

Following the reported sale, the William L. Williams Revocable Trust holds 1,105,725.8621 shares of Live Oak Bancshares Voting Common Stock, reported as indirect ownership by William L. Williams III.

What are William L. Williams III’s direct holdings of LOB stock after this filing?

After the reported transactions, William L. Williams III is shown as holding 52,825 shares of Live Oak Bancshares Voting Common Stock directly.

What other indirect LOB share holdings are associated with William L. Williams III?

In addition to the Revocable Trust, he reports indirect ownership of 14,110 shares through Spoint-ILM, LLC and 137,025 shares through the Elizabeth Williams Family Trust.

How many LOB shares did the Form 4 report as sold in total?

The Form 4 reports a single open-market or private transaction sale of 6,590 shares of Live Oak Bancshares Voting Common Stock on September 3, 2026.

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Available on EDGAR 09/08/2026 - 04:20 PM Accepted by SEC EDGAR 09/08/2026 - 04:19 PM Learn about SEC filing dates

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).

X

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^*

WILLIAMS WILLIAM L. III

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Voting Common Stock	09/03/2026		S(1)		6,590	D	$40.0941(2)	1,105,725.8621	I	By William L. Williams Revocable Trust
Voting Common Stock								52,825	D
Voting Common Stock								14,110	I	By Spoint-ILM, LLC
Voting Common Stock								137,025	I	By Elizabeth Williams Family Trust

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

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 12, 2026.

2. This transaction was executed in multiple trades at prices ranging from $40.09 to $40.1850. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of shares and prices at which the trades were effected.

Remarks:

	/s/ Jonathan A. Greene, By Power of Attorney	09/08/2026
	** 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.
* Form 4: SEC 1474 (03-26)