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

Rhea-AI Filing Summary

Michael Cairns, Chief Credit Officer at Live Oak Bancshares (LOB) reported changes in beneficial ownership on 08/19/2025. The filing shows acquisition of 2,420 restricted stock units (RSUs) (Transaction code M) and disposition of 1,076 shares (Transaction code F) at a price of $35.35. After these transactions the reporting person beneficially owns 9,366 shares (non-derivative) and 9,680 shares beneficially attributable to derivative/RSU holdings. The RSUs each convert to one share and have multiple vesting schedules disclosed, with scheduled vesting installments through 2029 subject to continuous service.

Insights

Securities Analyst

TL;DR: Insider received RSUs and reported a sale/ disposition, altering direct and derivative holdings moderately.

The Form 4 documents an 08/19/2025 award and a contemporaneous disposition. The filing explicitly lists 2,420 RSUs acquired and a 1,076-share disposition at $35.35, leaving 9,366 direct and 9,680 derivative/RSU shares beneficially owned. Multiple RSU grants have staggered vesting dates through 2029; each RSU converts to one share. The record is factual and routine for reported equity compensation and a separate share disposition; the filing contains no other corporate actions or financial results.

Corporate Governance Expert

TL;DR: Disclosure is consistent with standard executive equity compensation and required Section 16 reporting.

The report identifies the reporting person as an officer (Chief Credit Officer) and provides detailed vesting schedules for multiple RSU grants, including installments that vest annually through 2029. The explanation clarifies that each RSU equals one share and specifies vesting contingent on continuous service. The filing appears complete for the transactions reported and includes a duly executed signature by power of attorney.

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

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OMB Number:			3235-0287
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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^*

Cairns Michael

(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)
	Chief Credit Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

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	08/19/2025		M		2,420	A	(1)	9,366	D
Voting Common Stock	08/19/2025		F		1,076	D	$35.35	8,290	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)	08/19/2025		M			2,420	(2)	(2)	Voting Common Stock	2,420	$0	9,680	D
Restricted Stock Units	(1)							(3)	(3)	Voting Common Stock	2,829		2,829	D
Restricted Stock Units	(1)							(4)	(4)	Voting Common Stock	3,784		3,784	D
Restricted Stock Units	(1)							(5)	(5)	Voting Common Stock	471		471	D
Restricted Stock Units	(1)							(6)	(6)	Voting Common Stock	145		145	D
Restricted Stock Units	(1)							(7)	(7)	Voting Common Stock	6,413		6,413	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. 2,420 of the RSUs will vest on each of August 19, 2025, 2026, 2027, 2028, and 2029, subject to the reporting person's continuous service to the Company or a related entity on such date.

3. 943 of the RSUs vested on December 9, 2024 and 943 of the RSUs will vest on each of December 8, 2025, 2026, and 2027, subject to the reporting person's continuous service to the Company or a related entity on such date.

4. 945 of the RSUs vested on December 9, 2024, and 946 of the RSUs will vest on each of December 8, 2025, 2026, 2027, and 2028, subject to the reporting person's continuous service to the Company or a related entity on such date.

5. 235 of the RSUs will vest on each of December 15, 2024 and 2025, and 236 of the RSUs will vest on December 15, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date.

6. 145 of the RSUs will vest on each of February 22, 2025 and 2026, 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	08/20/2025
	** 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).
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