[Form 4] OppFi Inc. Insider Trading Activity

Rhea-AI Filing Summary

LandBridge Company LLC (LB) – Insider Form 4 Filing

Executive Vice President & Chief Administrative Officer Jason Frederick Williams filed a Form 4 covering activity on 1 July 2025. The filing discloses that 9,757 Class A shares were withheld and automatically disposed of at an indicated price of $66.38 per share. The transaction is coded “F”, meaning the shares were surrendered solely to satisfy federal and state tax-withholding obligations on the vesting of previously granted restricted share units (RSUs) under the company’s Long-Term Incentive Plan. No open-market sale or purchase occurred.

Following the tax-related share withholding, Williams’ direct beneficial ownership stands at 64,633 Class A shares. The filing lists no new derivative securities, option exercises or additional equity grants.

Because the disposition was mandatory for tax purposes, it does not necessarily signal a change in Williams’ view of the company’s prospects. Investors typically view Code F transactions as neutral relative to discretionary insider buying or selling, although they still modestly increase public float by releasing shares into the market.

Insights

Securities Analyst

TL;DR: Tax-related share withholding; neutral signal.

The 9,757-share disposal, valued near $0.65 million, was executed under Code F for RSU tax obligations, so it is mechanically driven rather than discretionary. Williams retains a sizeable 64,633-share stake, suggesting continued economic alignment with shareholders. As no derivatives or open-market trades were involved, the filing has limited market impact. Liquidity effects are negligible given typical daily volume for comparable small-cap energy infrastructure firms. Overall, I classify the event as neutral.

Corporate Governance Expert

TL;DR: Routine insider tax settlement; not governance-related.

Code F Form 4s reflect pre-arranged tax compliance, not opportunistic trading. The transaction aligns with best-practice equity-based compensation policies and raises no red-flag governance issues. Williams’ remaining stake preserves incentive alignment. From a governance oversight perspective, this filing is not impactful.

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

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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).

X

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^*

McKay Christopher J.

(Last) (First) (Middle)

130 E. RANDOLPH STREET

SUITE 3400

(Street)

CHICAGO IL 60601

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
OppFi Inc. [ OPFI ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Risk & Analytics Officer

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2025

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
Class V Common Stock(1)	05/21/2025		D(2)		101,489(2)	D	$0(2)	1,350,000	I	By OppFi Shares, LLC(3)
Class A Common Stock	05/21/2025		M(4)		101,489	A	$0(4)	194,823(5)	D
Class A Common Stock	07/01/2025		M		3,850(6)	A	$0	198,673	D
Class A Common Stock	07/01/2025		F		938(7)	D	$13.99	197,735	D
Class A Common Stock	07/01/2025		F		1,970(7)	D	$13.99	195,765	D
Class A Common Stock	07/01/2025		F		1,369(7)	D	$13.99	194,396	D
Class A Common Stock	07/02/2025		S(8)		9,030	D	$13.41	185,366	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
Class A Common Units(9)	$0	05/21/2025		M			101,489	(9)	(9)	Class A Common Stock	101,489	$0	1,350,000	I	By OppFi Management Holdings, LLC(10)
Restricted Stock Unit	$0	07/01/2025		M			3,850(6)	(11)	(11)	Class A Common Stock	3,850(6)	$0	3,852	D

Explanation of Responses:

1. Shares of Class V common stock, par value $0.0001 per share ("Class V Common Stock"), of OppFi Inc. (the "Issuer") represent voting, non-economic interests in the Issuer. Except as provided in the Issuer's certificate of incorporation, as amended, or as required by applicable law, holders of Class V Common Stock will be entitled to one vote per share of Class V Common Stock on all matters to be voted on by the Issuer's stockholders generally. The shares of Class V Common Stock will be cancelled by the Issuer if the reporting person exercises (or causes OppFi Management Holdings, LLC ("OFMH") to exercise) Exchange Rights (as defined below in footnote 9).

2. Reflects the cancellation of shares of Class V Common Stock in connection with the exercise of the Exchange Rights with respect to an equivalent number of Class A common units ("Common Units") of Opportunity Financial, LLC ("Opportunity Financial").

3. The shares of Class V Common Stock are held by OppFi Shares, LLC ("OFS"), which has sole voting power over the shares of Class V Common Stock reported in Table I hereof. The reporting person has the indirect right to cause OFS to dispose of the shares of Class V Common Stock reported in Table I hereof to the Issuer pursuant to the reporting person's (or OFMH's) Exchange Rights.

4. Reflects shares of Class A Common Stock, par value $0.0001 per share ("Class A Common Stock"), of the Issuer received in connection with the exercise of the Exchange Rights by OFMH.

5. Reflects the number of shares of Class A Common Stock of the Issuer beneficially owned by the reporting person following the transaction reported in the last Form 4 of the reporting person, which was filed on May 28, 2025, as adjusted for this transaction.

6. On July 1, 2025, the reporting person received shares of Class A Common Stock of the Issuer in settlement of restricted stock units ("RSUs"), which vested on July 1, 2025.

7. Represents shares withheld to cover tax withholding obligations upon the settlement of vested RSUs.

8. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 10, 2024.

9. Common Units generally represent economic, non-voting interests in Opportunity Financial. The Issuer is the sole manager of Opportunity Financial and controls Opportunity Financial, except as provided by the Third Amended and Restated Limited Liability Company Agreement of Opportunity Financial (the "LLC Agreement") or applicable law. Pursuant to the LLC Agreement, each Common Unit can be exchanged by the holder from time to time for either one share of Class A Common Stock of the Issuer or, at the election of the Issuer in its capacity as the sole manager of Opportunity Financial, the cash equivalent of the market value of one share of Class A Common Stock (the "Exchange Rights").

10. These Common Units are held by OFMH, of which the reporting person is a member. OFMH is a member of Opportunity Financial. Pursuant to the terms of the Amended and Restated Limited Liability Company Agreement of OFMH, the reporting person has the right to cause OFMH to exercise for the benefit of the reporting person OFMH's Exchange Rights with respect to the Common Units indirectly held by the reporting person.

11. Each RSU represents a contingent right to receive one share of Class A Common Stock of the Issuer and was granted pursuant to the Plan. On October 1, 2021, the reporting person was granted 61,613 RSUs. 25% of the RSUs vested on the one-year anniversary of the date of grant and the remainder will vest in equal quarterly increments over the following three years, subject to the reporting person's continued service with the issuer and the terms of the Plan.

	/s/ Marv Gurevich, Esq., as attorney-in-fact for Christopher J. McKay	07/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did LandBridge (LB) file on July 3 2025?

A Form 4 reporting insider share withholding by EVP & CAO Jason F. Williams related to RSU vesting.

How many LandBridge shares were disposed of in the filing?

Williams had 9,757 Class A shares withheld to cover tax obligations.

What is Transaction Code F on a Form 4?

Code F indicates shares withheld solely for tax withholding on equity-award vesting, not a discretionary sale.

How many LandBridge shares does the insider now own?

After the transaction, Williams directly owns 64,633 Class A shares.

Does this Form 4 imply a bearish outlook from management?

Not necessarily; tax-driven Code F dispositions are generally considered neutral regarding insider sentiment.