Form 4: Live Oak Bancshares Officer Reports Stock Transactions

Live Oak Bancshares Chief Experience Officer Courtney Spencer reported the acquisition of new restricted stock units and the exercise and tax-related disposition of common stock.

Summary

• Courtney Spencer, Chief Experience Officer of Live Oak Bancshares, Inc. (LOB), reported several transactions.
• On February 10, 2026, Spencer acquired 1,425 shares of voting common stock, likely from the exercise or conversion of derivative securities.
• On the same date, 709 shares of voting common stock were disposed of at a price of $41.04 per share, typically for tax withholding purposes related to the vesting or exercise of equity awards.
• Following these transactions, Spencer directly beneficially owns 25,876 shares of voting common stock and indirectly owns 153.7958 shares through a spouse.
• On February 9, 2026, Spencer was granted 6,586 Restricted Stock Units (RSUs) which will vest in five equal annual installments starting February 9, 2027.
• Spencer also reported the conversion of 1,425 RSUs on February 10, 2026, which were part of a grant vesting in five annual installments beginning February 10, 2026.
• Spencer holds additional RSUs with various vesting schedules: 5,701 RSUs (vesting from Feb 10, 2026), 3,160 RSUs (vesting from Feb 14, 2023), 2,000 RSUs (vesting on Feb 22, 2023, 2024, 2025, 2026), 8,535 RSUs (vesting from Feb 13, 2024), and 8,512 RSUs (vesting from Feb 12, 2025).

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing. The grant of new RSUs and the acquisition of common stock are positive for aligning management interests, while the tax-related disposition is a routine event.

Positives

• The grant of 6,586 new Restricted Stock Units (RSUs) on February 9, 2026, indicates continued equity compensation and alignment of management interests with shareholders.
• The acquisition of 1,425 shares of common stock suggests the exercise of existing equity awards, increasing direct ownership.

Negatives

• The disposition of 709 shares of common stock at $41.04, likely for tax withholding, reduces the direct beneficial ownership of the officer.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that insider transaction reports like this Form 4 are routine disclosures for publicly traded companies, providing transparency into executive and director stock ownership changes. These transactions are specific to an individual officer and do not directly reflect broader industry trends, though consistent insider buying or selling across an industry could signal sentiment.

Related Party Transactions

• Indirect beneficial ownership of 153.7958 shares of voting common stock by spouse.

Stakeholder Impact

• Shareholders: Increased transparency regarding executive stock ownership and compensation structure. The grant of new RSUs aligns the Chief Experience Officer's long-term interests with shareholder value creation.
• Employees: The equity compensation structure, including RSU grants, is a standard component of executive compensation, potentially influencing employee retention and motivation at senior levels.

Next Steps

• Continued vesting of various Restricted Stock Unit grants on their respective schedules, subject to continuous service.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions related to equity compensation and tax withholding for a Chief Experience Officer. While the grant of new RSUs and the acquisition of shares are positive for management alignment, the overall impact on the company's fundamentals or strategic direction is minimal. There is no new information to warrant a change in investment thesis, thus a 'hold' recommendation is appropriate.

Keywords

Live Oak Bancshares, LOB, Courtney Spencer, Chief Experience Officer, SEC Form 4, Insider Trading, Stock Transaction, Restricted Stock Units, Equity Compensation, Beneficial Ownership