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

Rhea-AI Filing Summary

Live Oak Bancshares insider transaction summary: Director Jeffrey W. Lunsford reported transactions dated 09/04/2025. He disposed of 10,750 shares of the company’s voting common stock and beneficial ownership following that disposal is reported as 10,750 fewer shares. On the same date he was granted 1,890 restricted stock units (RSUs), each representing the contingent right to receive one share of voting common stock. The RSUs were granted at a $0 conversion price and vest on May 1, 2026, when they will convert into voting common stock if vesting conditions are met. The Form 4 was signed by power of attorney on 09/08/2025.

Positive

• RSU grant aligns director incentives through 1,890 restricted stock units that convert to voting common stock upon vesting on May 1, 2026.

Negative

• Director disposed of 10,750 shares on 09/04/2025, reducing his direct beneficial ownership by that amount as reported.

Insights

Securities Analyst

TL;DR: Director sold 10,750 shares while receiving 1,890 RSUs that vest in 2026, indicating concurrent sell and compensation grant.

The reported disposal of 10,750 shares is a direct change in beneficial ownership and is immediately reportable; the simultaneous grant of 1,890 RSUs represents future potential dilution when they vest and convert into voting common stock on May 1, 2026. Both actions are routine section 16 reporting events: an open-market or other disposition and a compensation-related equity grant. The amounts are specific and verifiable in the Form 4; no further financial metrics, price per share for the disposed common stock, or reasons for the sale are provided in the filing.

Corporate Governance Expert

TL;DR: Governance-wise, this filing documents a director-level compensation award plus an ownership reduction; both are standard disclosures.

The RSU grant aligns the director’s future equity stake with shareholder interests upon vesting, subject to the stated vesting date of May 1, 2026. The filing does not disclose the consideration or rationale for the 10,750-share disposition, nor any change in board status. From a governance perspective, the filing meets Section 16 disclosure requirements by specifying security types, amounts, transaction dates, and vesting details; material impact on control or governance is not evident from these figures alone.

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
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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^*

Lunsford Jeffrey W

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

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								10,750	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)	09/04/2025		A		1,890		(2)	(2)	Voting Common Stock	1,890	$0	1,890	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 restricted stock units vest on May 1, 2026.

Remarks:

	/s/ Jonathan A. Greene, By Power of Attorney	09/08/2025
	** 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 Live Oak Bancshares (LOB) Director Jeffrey W. Lunsford report on Form 4?

The Form 4 reports a disposition of 10,750 voting common shares and a concurrent grant of 1,890 restricted stock units (RSUs), both dated 09/04/2025.

When do the RSUs reported by Jeffrey W. Lunsford vest?

The 1,890 RSUs vest on May 1, 2026, at which time each RSU represents a contingent right to one share of voting common stock.

What is the conversion price for the RSUs granted to the director?

The filing indicates the RSUs convert at a $0 price into voting common stock upon vesting.

Who signed the Form 4 filing for Jeffrey W. Lunsford and when?

The Form 4 was signed by Jonathan A. Greene by power of attorney on 09/08/2025.

Does the Form 4 disclose the sale price or reason for the 10,750-share disposition?

No. The filing lists the disposition amount and date but does not provide a sale price or explanation for the transaction.