Director’s trust sells 8,400 Live Oak (NASDAQ: LOB) shares under 10b5-1 plan

Q: Who actually sold the Live Oak Bancshares (LOB) shares on this Form 4?

The shares were sold by the William L. Williams Revocable Trust , an entity associated with director William L. Williams III . The filing classifies this as indirect ownership , meaning the trust, rather than the individual personally, holds legal title to the shares.

Q: How many Live Oak Bancshares (LOB) shares does the revocable trust hold after the sale?

After selling 8,400 shares , the William L. Williams Revocable Trust holds 1,130,925.8621 shares of Live Oak Bancshares Voting Common Stock. This post-transaction balance is reported directly in the Form 4 as the total shares following the transaction for that trust.

Q: Was the Live Oak Bancshares (LOB) insider sale under a Rule 10b5-1 plan?

Yes. A footnote states the sales were made under a Rule 10b5-1 trading plan adopted on March 12, 2026 . Such pre-arranged plans allow insiders to trade shares according to preset instructions, reducing discretion over trade timing.

Q: What other Live Oak Bancshares (LOB) holdings are reported for William L. Williams III?

The Form 4 shows 137,025 shares indirectly held by the Elizabeth Williams Family Trust , 14,110 shares indirectly held by Spoint-ILM, LLC , and 52,825 shares held directly. These are reported as holdings entries with no new buy or sell activity.

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Live Oak Bancshares director William L. Williams III reported an open-market sale of 8,400 shares of Voting Common Stock at $40.054 per share. The sale was made by the William L. Williams Revocable Trust, which still holds 1,130,925.8621 shares after the transaction.

According to a footnote, this sale was carried out under a pre-arranged Rule 10b5-1 trading plan adopted on March 12, 2026. The filing also shows additional indirect holdings through the Elizabeth Williams Family Trust and Spoint-ILM, LLC, plus separate directly held shares.

Insider Trade Summary 10b5-1

Net Seller: 8,400 shares ($336,454)

Net Sell 4 txns

Insider WILLIAMS WILLIAM L. III

Role null

Sold 8,400 shs ($336K)

Type	Security	Shares	Price	Value
Sale	Voting Common Stock	8,400	$40.054	$336K
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--

Holdings After Transaction: Voting Common Stock — 1,130,925.862 shares (Indirect, By William L. Williams Revocable Trust); Voting Common Stock — 52,825 shares (Direct, null)

Footnotes (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. Includes 1,250 shares of voting common stock that were previously directly beneficially owned and were transferred by the reporting person to his revocable trust.

Key Figures

Shares sold: 8,400 shares Sale price: $40.054 per share Trust holdings after sale: 1,130,925.8621 shares +3 more

6 metrics

Shares sold 8,400 shares Open-market sale of Voting Common Stock

Sale price $40.054 per share Price for the 8,400-share sale

Trust holdings after sale 1,130,925.8621 shares William L. Williams Revocable Trust post-transaction balance

Elizabeth Williams Family Trust holdings 137,025 shares Indirect Voting Common Stock holdings

Spoint-ILM, LLC holdings 14,110 shares Indirect Voting Common Stock holdings

Direct holdings 52,825 shares Direct Voting Common Stock held by reporting person

Key Terms

Rule 10b5-1 trading plan, Voting Common Stock, open-market sale, indirect ownership

4 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"

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.

Voting Common Stock financial

"security_title: Voting Common Stock reported for each transaction entry"

open-market sale financial

"transaction_action: open-market sale, described as Sale in open market or private transaction"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

indirect ownership financial

"ownership_type: indirect, nature_of_ownership: By William L. Williams Revocable Trust"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/25/2026 - 05:10 PM Accepted by SEC EDGAR 06/25/2026 - 05:09 PM

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^*

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)
06/24/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Voting Common Stock	06/24/2026		S⁽¹⁾		8,400	D	$40.054	1,130,925.8621⁽²⁾	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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. Includes 1,250 shares of voting common stock that were previously directly beneficially owned and were transferred by the reporting person to his revocable trust.

Remarks:

	/s/ Jonathan A. Greene, By Power of Attorney	06/25/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Live Oak Bancshares (LOB) disclose?

Live Oak Bancshares disclosed that a trust associated with director William L. Williams III sold 8,400 shares of Voting Common Stock at $40.054 per share. The transaction was an open-market sale reported on a Form 4 insider filing.

Who actually sold the Live Oak Bancshares (LOB) shares on this Form 4?

The shares were sold by the William L. Williams Revocable Trust, an entity associated with director William L. Williams III. The filing classifies this as indirect ownership, meaning the trust, rather than the individual personally, holds legal title to the shares.

How many Live Oak Bancshares (LOB) shares does the revocable trust hold after the sale?

After selling 8,400 shares, the William L. Williams Revocable Trust holds 1,130,925.8621 shares of Live Oak Bancshares Voting Common Stock. This post-transaction balance is reported directly in the Form 4 as the total shares following the transaction for that trust.

Was the Live Oak Bancshares (LOB) insider sale under a Rule 10b5-1 plan?

Yes. A footnote states the sales were made under a Rule 10b5-1 trading plan adopted on March 12, 2026. Such pre-arranged plans allow insiders to trade shares according to preset instructions, reducing discretion over trade timing.

What other Live Oak Bancshares (LOB) holdings are reported for William L. Williams III?

The Form 4 shows 137,025 shares indirectly held by the Elizabeth Williams Family Trust, 14,110 shares indirectly held by Spoint-ILM, LLC, and 52,825 shares held directly. These are reported as holdings entries with no new buy or sell activity.