Live Oak Bancshares (LOB) exec exercises 25,000 RSUs and withholds shares
Rhea-AI Filing Summary
Live Oak Bancshares, Inc. reported that Chief Information/Digital Officer of the Bank, Renato Derraik, exercised derivative awards covering 25,000 Restricted Stock Units, converting them into 25,000 shares of Voting Common Stock on August 10, 2026. In a related transaction, 11,111 shares of Voting Common Stock were delivered or withheld at $42.23 per share for payment of exercise price or tax liability. The report also lists multiple remaining RSU awards, each representing one share of Voting Common Stock and scheduled to vest in five equal annual installments beginning on specified dates between 2023 and 2027, subject to continuous service.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 13,889 shares
Net Buy
8 txns
Insider
Derraik Renato
Role
Chief Info./Digital Off., Bank
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units F1, F2 | 25,000 | $0.00 | $0.00 |
| Exercise | Voting Common Stock F1 | 25,000 | -- | -- |
| Exercise Price or Tax Liability | Voting Common Stock | 11,111 | $42.23 | $469K |
| holding | Restricted Stock Units F1, F3 | -- | -- | -- |
| holding | Restricted Stock Units F1, F4 | -- | -- | -- |
| holding | Restricted Stock Units F1, F5 | -- | -- | -- |
| holding | Restricted Stock Units F1, F6 | -- | -- | -- |
| holding | Restricted Stock Units F1, F7 | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Units — 75,911 shares (Direct);
Voting Common Stock — 18,132 shares (Direct)
Footnotes (7)
- F1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
- F2. The RSUs vested 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.
- F3. 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.
- F4. 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.
- F5. 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.
- F6. 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.
- F7. The RSUs vest in five equal annual installments beginning on February 9, 2027, subject to the reporting person's continuous service to the Company or a related entity on such date.
Key Figures
RSUs Exercised: 25,000 units
Shares Acquired via Exercise: 25,000 shares
Shares Delivered/Withheld: 11,111 shares
+4 more
7 metrics
RSUs Exercised
25,000 units
Restricted Stock Units exercised and converted into Voting Common Stock on August 10, 2026
Shares Acquired via Exercise
25,000 shares
Voting Common Stock received upon RSU exercise on August 10, 2026
Shares Delivered/Withheld
11,111 shares
Voting Common Stock delivered or withheld for exercise price or tax liability
Price for Withheld Shares
$42.23 per share
Per-share value for 11,111 shares delivered or withheld under transaction code F
Remaining RSUs Block 1
1,580 underlying shares
Restricted Stock Units remaining, each RSU representing one Voting Common share
Remaining RSUs Block 2
35,846 underlying shares
Restricted Stock Units remaining, reported as direct ownership
Remaining RSUs Block 3
12,769 underlying shares
Additional RSUs remaining after the reported exercise
Key Terms
Restricted Stock Units, Voting Common Stock, Exercise or conversion of derivative security, Payment of exercise price or tax liability by delivering or withholding securities, +1 more
5 terms
Restricted Stock Units financial
"Each restricted stock unit ("RSU") represents a contingent right to receive one share"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Voting Common Stock financial
"one share of Live Oak Bancshares, Inc. (the "Company") voting common stock"
Exercise or conversion of derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
Payment of exercise price or tax liability by delivering or withholding securities financial
"transaction_code_description": "Payment of exercise price or tax liability by delivering or withholding securities""
continuous service financial
"subject to the reporting person's continuous service to the Company or a related entity"
FAQ
What did Renato Derraik report in this Form 4 for LOB?
Renato Derraik reported exercising 25,000 Restricted Stock Units, which converted into 25,000 shares of Live Oak Bancshares Voting Common Stock on August 10, 2026. A portion of the resulting shares was used to cover exercise price or tax obligations.
What type of derivative securities did Renato Derraik exercise at LOB?
Renato Derraik exercised Restricted Stock Units (RSUs) representing 25,000 underlying shares of Live Oak Bancshares Voting Common Stock. Each RSU represents a contingent right to receive one share of Voting Common Stock as described in the filing footnotes.
How do the RSUs for LOB reported by Renato Derraik vest?
The RSUs vest in five equal annual installments, with different awards beginning vesting on dates such as August 10, 2022 and various February dates from 2023 through 2027, conditioned on continuous service to Live Oak Bancshares or a related entity.
What is the transaction code meaning in Renato Derraik’s LOB Form 4?
The Form 4 uses code M for the exercise or conversion of derivative securities (the RSUs into Voting Common Stock), and code F for payment of exercise price or tax liability by delivering or withholding shares of Voting Common Stock.
AI-generated analysis. How Rhea-AI works. Not financial advice.
