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 a disposition of shares to cover tax obligations.
Summary
- On February 24, 2025, Courtney Spencer, Chief Experience Officer of Live Oak Bancshares, filed a Form 4 detailing changes in beneficial ownership.
- The transactions included the vesting of 2,000 restricted stock units (RSUs) and the disposition of 889 shares of voting common stock to satisfy tax withholding obligations at a price of $31.99 per share.
- Following these transactions, Spencer directly owns 20,860 shares of voting common stock and indirectly owns 153.7958 shares through a spouse.
- Spencer also holds derivative securities, including restricted stock units that vest over several years and a stock option to purchase 14,000 shares of voting common stock.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the document simply reports required insider trading activity. It doesn't inherently indicate positive or negative sentiment about the company's prospects.
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.
Stakeholder Impact
- The transactions have a minor dilutive effect on existing shareholders due to the issuance of shares upon RSU vesting.
- The sale of shares to cover taxes may exert slight downward pressure on the stock price.
Key Dates
| Date | Description |
|---|---|
| 02/16/2017 | Start date for vesting of 10% of shares subject to stock option, yearly until 2021. |
| 02/16/2018 | Vesting of 10% of shares subject to stock option. |
| 02/16/2019 | Vesting of 10% of shares subject to stock option. |
| 02/16/2020 | Vesting of 10% of shares subject to stock option. |
| 02/16/2021 | Vesting of 10% of shares subject to stock option. |
| 02/16/2022 | Vesting of 25% of shares subject to stock option. |
| 02/22/2023 | First vesting date for 2,000 RSUs. |
| 02/16/2023 | Vesting of 25% of shares subject to stock option. |
| 02/14/2023 | First vesting date for RSUs vesting in five equal annual installments. |
| 02/13/2024 | First vesting date for RSUs vesting in five equal annual installments. |
| 02/24/2025 | Date of transaction: vesting of RSUs and disposition of shares for tax obligations. |
| 02/12/2025 | First vesting date for RSUs vesting in five equal annual installments. |
| 02/25/2025 | Date of filing. |
| 02/16/2026 | Expiration date for stock option. |
| 02/10/2026 | First vesting date for RSUs vesting in five equal annual installments. |
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