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

Rhea-AI Filing Summary

Live Oak Bancshares (LOB)11/18/2025, the insider exercised 12,000 voting common shares at $14.55 per share and had 3,051 shares withheld at $30.04 in a transaction coded as tax-related. On 11/19/2025, the insider exercised an additional 1,500 shares at $14.55 and sold 1,200 shares at a weighted average price of $30.2015. Following these transactions, the insider directly owned 106,126 voting common shares and held several tranches of restricted stock units that vest in equal annual installments from 2022 through 2026, contingent on continued service.

11/20/2025 - 05:44 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
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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^*

Seward Gregory 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/18/2025

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	11/18/2025		M		12,000	A	$14.55	108,877	D
Voting Common Stock	11/18/2025		F		3,051	D	$30.04	105,826	D
Voting Common Stock	11/19/2025		M		1,500	A	$14.55	107,326	D
Voting Common Stock	11/19/2025		S		1,200	D	$30.2015(1)	106,126	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
Employee Stock Option (right to buy)	$14.55	11/18/2025		M			12,000	(2)	11/19/2025	Voting Common Stock	12,000	$0	1,500	D
Employee Stock Option (right to buy)	$14.55	11/19/2025		M			1,500	(2)	11/19/2025	Voting Common Stock	1,500	$0	0	D
Restricted Stock Units	(3)							(4)	(4)	Voting Common Stock	1,000		1,000	D
Restricted Stock Units	(3)							(5)	(5)	Voting Common Stock	4,740		4,740	D
Restricted Stock Units	(3)							(6)	(6)	Voting Common Stock	35,846		35,846	D
Restricted Stock Units	(3)							(7)	(7)	Voting Common Stock	11,016		11,016	D
Restricted Stock Units	(3)							(8)	(8)	Voting Common Stock	9,264		9,264	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $30.16 to $30.247. 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.

2. The shares subject to this option vested and became exercisable yearly in seven installments beginning on November 19, 2016, as follows: 10% of the shares subject to the option vested on each of November 19, 2016, 2017, 2018, 2019, and 2020; and 25% of the shares subject to the option vested on each of November 19, 2021 and 2022.

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

4. The RSUs vest in five equal annual installments beginning on February 22, 2022, 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 February 14, 2023, 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 13, 2024, 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 12, 2025, subject to the reporting person's continuous service to the Company or a related entity on such date.

8. 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	11/20/2025
	** 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 type of insider filing did Live Oak Bancshares (LOB) report?

The report is a Form 4, which discloses changes in the beneficial ownership of Live Oak Bancshares (LOB) equity securities by a company insider.

Who is the reporting person in this Live Oak Bancshares (LOB) Form 4?

The reporting person is an officer of Live Oak Bancshares, Inc. serving as General Counsel, filing individually.

What stock option exercises did the Live Oak Bancshares (LOB) insider report?

The insider exercised employee stock options to acquire 12,000 voting common shares on 11/18/2025 and 1,500 shares on 11/19/2025, each at an exercise price of $14.55 per share.

How many Live Oak Bancshares (LOB) shares did the insider sell in this filing?

On 11/19/2025, the insider sold 1,200 voting common shares in open market transactions at a weighted average price of $30.2015 per share.

What is the insider’s Live Oak Bancshares (LOB) common stock ownership after the transactions?

After the reported transactions, the insider directly owned 106,126 shares of Live Oak Bancshares voting common stock.

What restricted stock units (RSUs) does the Live Oak Bancshares (LOB) insider hold?

The insider holds multiple RSU awards totaling 61,866 underlying voting common shares, vesting in five equal annual installments beginning on February 22, 2022, February 14, 2023, February 13, 2024, February 12, 2025, and February 10, 2026, subject to continuous service.

How was the sale price of Live Oak Bancshares (LOB) shares determined in the Form 4?

The sale on 11/19/2025 was executed in multiple trades at prices ranging from $30.16 to $30.247, with the reported price of $30.2015 representing a weighted average price.