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

Rhea-AI Filing Summary

William C. Losch III, President and Director of Live Oak Bancshares (LOB), reported transactions in the company's voting common stock on 08/11/2025. The report shows 42,000 shares tied to restricted stock units (RSUs) and a separate disposition of 18,665 shares at a price of $31.83.

The filing lists reported beneficial ownership figures of 181,459 shares (following the RSU-related entry) and 162,794 shares (following the sale entry). Several RSU grants remain outstanding and vest in five equal annual installments on specified start dates, with reported grant amounts of 2,528, 53,769, 200,000, 44,066 and 45,153 RSUs; each RSU represents a contingent right to one share.

Positive

• Vesting of 42,000 RSUs is reported, converting contingent awards into shares that increase reported ownership at the time of the transaction.
• Multiple RSU grants are documented with explicit vesting schedules and grant sizes (including 200,000 and other material headcounts), providing transparency on future potential share issuances.

Negative

• Disposition of 18,665 shares was reported at a price of $31.83, reducing the reporting person's reported holdings to 162,794 shares as shown in the filing.
• Significant outstanding RSU totals (e.g., 200,000 RSUs) represent potential dilution if and when they vest and convert to shares.

Insights

Securities Analyst

TL;DR: Reported RSU vesting of 42,000 shares and a sale of 18,665 shares at $31.83; impact appears routine and disclosure-compliant.

The Form 4 discloses a vesting-related acquisition of 42,000 shares and a contemporaneous disposition of 18,665 shares at $31.83. The filing also records reported beneficial ownership levels of 181,459 and 162,794 shares after the respective entries. These items are typical of executive compensation realizations and open-market or plan-driven transactions; the document includes multiple RSU grants with explicit vesting schedules.

Corporate Governance Expert

TL;DR: Vesting of RSUs and a reported sale were disclosed and the filing was executed by power of attorney; governance documentation appears complete.

The filing explicitly states that each RSU is a contingent right to one share and lists vesting schedules that begin on several specific dates and vest in five equal annual installments. The Form 4 is signed by an attorney-in-fact (Jonathan A. Greene, by power of attorney), indicating procedural completion of the insider reporting requirement. The transactions and outstanding grants are documented at the grant- and share-level rather than through aggregate narrative.

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^*

Losch William C III

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

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
Voting Common Stock	08/11/2025		M		42,000	A	(1)	181,459	D
Voting Common Stock	08/11/2025		F		18,665	D	$31.83	162,794	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	(1)	08/11/2025		M			42,000	(2)	(2)	Voting Common Stock	42,000	$0	42,000	D
Restricted Stock Units	(1)							(3)	(3)	Voting Common Stock	2,528		2,528	D
Restricted Stock Units	(1)							(4)	(4)	Voting Common Stock	53,769		53,769	D
Restricted Stock Units	(1)							(5)	(5)	Voting Common Stock	200,000		200,000	D
Restricted Stock Units	(1)							(6)	(6)	Voting Common Stock	44,066		44,066	D
Restricted Stock Units	(1)							(7)	(7)	Voting Common Stock	45,153		45,153	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.

2. The RSUs vest in five equal annual installments beginning on August 10, 2022, subject to the reporting person's continuous service to the Company or a related entity on such date.

3. The RSUs vest in five equal annual installments beginning on February 14, 2023, subject to the reporting person's continuous service to the Company or a related entity on such date.

4. The RSUs vest in five equal annual installments beginning on February 13, 2024, subject to the reporting person's continuous service to the Company or a related entity on such date.

5. The RSUs vest in five equal annual installments beginning on August 25, 2024, subject to the reporting person's continuous service to the Company or a related entity on such date.

6. The RSUs vest in five equal annual installments beginning on February 12, 2025, subject to the reporting person's continuous service to the Company or a related entity on such date.

7. The RSUs vest in five equal annual installments beginning on February 10, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date.

Remarks:

	/s/ Jonathan A. Greene, By Power of Attorney	08/13/2025
	** 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

What transactions did William C. Losch III report on Form 4 for LOB?

Reported transactions: receipt/vesting of 42,000 shares tied to RSUs and a sale/disposition of 18,665 shares at $31.83 on 08/11/2025.

How many shares did the filing show as beneficially owned after the transactions?

The filing shows reported beneficial ownership figures of 181,459 shares (following the RSU-related entry) and 162,794 shares (following the sale entry) as reported on the form.

What do the RSUs represent and how do they vest for LOB insiders?

The filing states each RSU is a contingent right to one share and several grants vest in five equal annual installments, with start dates specified for each grant.

What RSU grant sizes are listed in the filing?

The filing lists RSU amounts of 42,000, 2,528, 53,769, 200,000, 44,066, and 45,153 in the derivative holdings table.

Who executed the Form 4 filing on behalf of the reporting person?

The form is executed by Jonathan A. Greene by power of attorney, as shown on the filing.