Live Oak (LOB) Renato Derraik Exercises RSUs, Sells 11,111 Shares

What Happened
Renato Derraik, Live Oak Bancshares' Chief Information/Digital Officer, had RSUs convert into ordinary shares on 2026-08-10. A total of 50,000 restricted stock units vested/converted into shares. To cover tax withholding, 11,111 shares were surrendered/sold at $42.23 per share for proceeds of $469,218. After withholding, the reporting person received a net 38,889 shares (50,000 vested minus 11,111 withheld). The transactions were routine vesting and tax-withholding actions rather than an open-market purchase or opportunistic sale.

Key Details

• Transaction date: 2026-08-10; Form 4 filed 2026-08-12 (timely filing).
• Vesting/conversion: 50,000 RSUs converted to 50,000 shares (reported as derivative exercise/conversion).
• Tax withholding/sale: 11,111 shares disposed at $42.23 per share = $469,218 (code F = payment of tax liability).
• Net shares delivered to insider: 38,889.
• Shares owned after transaction: Not specified in the Form 4.
• Footnotes: RSUs represent contingent rights to one share each; the various RSU grants vest in five equal annual installments with start dates ranging from 2022–2027 (see footnotes F1–F7).
• Transaction codes: M = exercise/conversion of derivative (RSU conversion); F = shares withheld/sold to satisfy tax withholding.

Context
This was effectively a vesting event with a typical "sell-to-cover" for taxes: RSUs converted into common stock and a portion was withheld/sold to meet tax obligations. Such transactions are common for RSU vesting and do not by themselves indicate the insider’s view on the company's stock.