Form 4: Live Oak Bancshares Executive Courtney Spencer Reports Stock Transactions
SEC Form 4 Filing
Courtney Spencer, Chief Experience Officer of Live Oak Bancshares, reports the acquisition and disposal of company stock and restricted stock units on February 14, 2025.
Summary
- On February 14, 2025, Courtney Spencer, Chief Experience Officer of Live Oak Bancshares, reported transactions involving the company's voting common stock and restricted stock units (RSUs).
- Spencer acquired 2,845 shares and 1,580 shares of voting common stock through the vesting of RSUs.
- Simultaneously, Spencer disposed of 1,264 shares at $34.92 and 703 shares at $33.93 to cover tax obligations related to the RSU vesting.
- Following these transactions, Spencer directly owns 19,749 shares of voting common stock and indirectly owns 152 shares through a spouse.
- Spencer also holds various tranches of RSUs, including 8,535 RSUs vesting annually from February 13, 2024, 3,160 RSUs vesting annually from February 14, 2023, 4,000 RSUs vesting on specified dates, 7,126 RSUs vesting annually from February 10, 2026, and 8,512 RSUs vesting annually from February 12, 2025.
- Additionally, Spencer holds a stock option for 14,000 shares of voting common stock, which vested in installments beginning on February 16, 2017.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, reflecting neutral sentiment. It reports transactions without expressing any positive or negative outlook.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Executive compensation packages often include a mix of salary, stock options, and restricted stock units (RSUs).
- The vesting schedules for RSUs, such as the five-year annual installments described in the document, are common practice.
- Similar to other financial institutions, Live Oak Bancshares uses equity-based compensation to align executive interests with shareholder value.
- Comparing the vesting schedules and equity holdings of Live Oak Bancshares executives with those of peers at companies like Truist Financial or First Horizon could provide further context.
Stakeholder Impact
- The transactions reported in the Form 4 filing provide transparency to shareholders regarding executive stock ownership.
- The disposal of shares to cover tax obligations is a common practice and generally does not have a significant impact on stakeholders.
Key Dates
| Date | Description |
|---|---|
| February 16, 2017 | Start date for vesting of stock option (right to buy) shares. |
| February 14, 2023 | Start date for annual vesting of 1,580 RSUs. |
| February 22, 2023 | Vesting date for 2,000 RSUs. |
| February 13, 2024 | Start date for annual vesting of 2,845 RSUs. |
| February 22, 2024 | Vesting date for 2,000 RSUs. |
| February 12, 2025 | Start date for annual vesting of 8,512 RSUs. |
| February 14, 2025 | Date of reported stock transactions and vesting of RSUs. |
| February 22, 2025 | Vesting date for 2,000 RSUs. |
| February 10, 2026 | Start date for annual vesting of 7,126 RSUs. |
| February 16, 2026 | Expiration date for stock option (right to buy). |
| February 22, 2026 | Vesting date for 2,000 RSUs. |
Keywords
Live Oak Bancshares, Courtney Spencer, Form 4, Stock Transactions, Restricted Stock Units, Voting Common Stock, Insider Trading, Executive Compensation
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