Live Oak Bancshares Executives Receive Bonus, Stock Awards

WILMINGTON, NC – Live Oak Bancshares Inc . (NYSE:LOB) has announced changes to its executive compensation and board composition, according to a recent SEC filing. The announcement comes as the company's stock has experienced a challenging period, with shares down nearly 12% year-to-date. According to InvestingPro analysis, the company maintains a "FAIR" overall financial health score, despite recent market volatility. On Monday, the company's Compensation Committee approved cash bonuses and restricted stock unit (RSU) awards for several key executives under the 2015 Omnibus Stock Incentive Plan.

The bank's Chief Information and Digital Officer, Renato Derraik, received a cash bonus of $45,000 and 15,678 RSUs. President William C. Losch, III, was awarded a $57,600 cash bonus and 45,153 RSUs. Chief Strategy Officer Stephanie A. Mann earned a $32,000 bonus and 7,839 RSUs, while Chief Financial Officer Walter J. Phifer received a $20,000 bonus and 9,264 RSUs. Additionally, Chief Risk Officer and General Counsel Gregory W. Seward was granted a $36,000 cash bonus and 9,264 RSUs. These compensation decisions come as the company maintains profitability with a return on equity of 8% and revenue growth of 3% over the last twelve months.

These RSU awards will vest over five years, starting on February 10, 2026, with forfeiture upon early termination of employment, barring specific circumstances following a corporate transaction.

In contrast, Chairman and CEO James S. Mahan III did not receive any equity-based awards since the company's initial public offering in July 2015, reflecting the Committee's belief in his already substantial alignment with shareholder interests due to significant stock ownership.

Furthermore, the filing revealed that Diane B. Glossman has decided not to stand for re-election to Live Oak Bancshares' Board of Directors at the upcoming 2025 Annual Meeting of Shareholders. Her departure is not due to any disagreements with the company's operations, policies, or practices.

The reported executive compensation adjustments and board changes come as part of the company's ongoing governance and incentive strategies. This information is based on a press release statement filed with the SEC.

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