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 vesting of restricted stock units and subsequent disposition of shares to cover tax obligations.
Summary
- On February 12, 2025, Courtney Spencer, Chief Experience Officer of Live Oak Bancshares, had 2,128 restricted stock units (RSUs) vest.
- Following the vesting, Spencer disposed of 1,019 shares of voting common stock at a price of $34.8 to cover tax obligations.
- After these transactions, Spencer directly owns 17,291 shares of voting common stock and indirectly owns 152 shares through a spouse.
- Spencer also holds various restricted stock units that vest over time, as well as a stock option to purchase 14,000 shares.
Sentiment
Score: 5
Explanation: This is a neutral regulatory filing. It simply reports transactions and doesn't inherently indicate positive or negative sentiment about the company's prospects.
Future Outlook
The document does not contain any specific forward-looking statements regarding the company's future performance.
Industry Context
This Form 4 filing is a routine disclosure required by the SEC when company insiders, like Courtney Spencer, transact in their company's stock. It provides transparency to investors about the trading activities of those with privileged information.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and their executives.
- The vesting schedules and option terms are typical for executive compensation packages in the financial services industry.
- Comparable companies like Truist, Bank of America, and JPMorgan Chase also have executives who regularly file Form 4s to report similar transactions.
Stakeholder Impact
- The transactions have a minimal impact on shareholders as they represent a small percentage of the total outstanding shares.
- The vesting of RSUs is part of the executive compensation plan, which is designed to align management's interests with those of the shareholders.
Key Dates
| Date | Description |
|---|---|
| 02/16/2017 | Start date for vesting of stock option in yearly installments. |
| 02/16/2026 | Expiration date for stock option. |
| 02/12/2025 | Date of transaction: vesting of RSUs and disposition of shares. |
| 02/14/2025 | Date of signature on the Form 4 filing. |
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