[Form 4] Open Lending Corporation Insider Trading Activity

Rhea-AI Filing Summary

Open Lending (LPRO) Form 4: COO Michelle Glasl received new equity incentives on 07/30/2025.

• Restricted Stock Units: 36,000 RSUs awarded (Code “A”); total RSUs now 72,000. Vest 25 % annually beginning 03/15/2026.
• Stock Options: 117,647 options granted with a $2.50 strike, expiring 07/30/2035; vest one-third annually beginning 03/15/2026.

No common shares were bought or sold on the open market, and all holdings remain directly owned. The award meaningfully increases Glasl’s long-term exposure while posing only minor potential dilution to the float. Overall, the filing reflects routine executive compensation rather than a directional insider trade.

Positive

• Management alignment strengthened: 36,000 RSUs and 117,647 low-strike options increase the COO’s equity exposure.

Negative

• Potential dilution: 117,647 new options add marginal dilution to existing shareholders.

Insights

Financial Analyst

TL;DR: Routine incentive grant; neutral market impact.

The grants enlarge the COO’s potential ownership by roughly 189,647 shares/options but involve no cash outlay or open-market signal. Strike price of $2.50 sits near multi-year lows, offering upside leverage if execution improves, yet dilution is negligible against LPRO’s 130 m share base. Investors should view the event as standard retention practice, not a valuation catalyst.

Corporate Governance Specialist

TL;DR: Standard compensation aligns management and shareholders.

Four-year RSU and three-year option vesting schedules encourage continuity and performance through at least 2028. Absence of a 10b5-1 designation implies discretionary board approval rather than automated issuance. Governance risk is low, and alignment is enhanced by performance-leveraged options.

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^*

Glasl Michelle

(Last) (First) (Middle)

C/O OPEN LENDING CORPORATION

1501 S. MOPAC EXPRESSWAY, SUITE 450

(Street)

AUSTIN TX 78746

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Open Lending Corp [ LPRO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/30/2025

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

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)	07/30/2025		A		36,000		(2)	(2)	Common Stock, par value $0.01 per share	36,000	$0	72,000	D
Stock Options	$2.5	07/30/2025		A		117,647		(3)	07/30/2035	Common Stock, par value $0.01 per share	117,647	$0	117,647	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of LPRO common stock.

2. These restricted stock units vest in four equal annual installments beginning on March 15, 2026.

3. The stock options vest in three equal annual installments beginning on March 15, 2026.

Remarks:

	/s/ Ben Massey, as Attorney-in-Fact	08/01/2025
	** 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 equity awards did Open Lending's COO receive?

36,000 RSUs and 117,647 stock options granted on 07/30/2025.

What is the strike price and term of the new stock options?

Strike price is $2.50 with expiration on 07/30/2035.

When do the RSUs and options vest?

RSUs vest 25 % yearly from 03/15/2026; options vest one-third yearly from the same date.

Did the filing report any open-market share purchases or sales?

No; the Form 4 shows awards only, coded "A" with no buys or sells.

How many RSUs does the COO now hold?

After the grant, Michelle Glasl beneficially owns 72,000 RSUs.

Is the transaction part of a Rule 10b5-1 plan?

The check box for 10b5-1 was not marked, indicating the awards are not under a preset trading plan.