Executive at Live Oak Bancshares (LOB) converts RSUs and updates holdings

Rhea-AI Filing Summary

Live Oak Bancshares Chief Experience Officer Spencer Courtney reported equity award activity tied to restricted stock units (RSUs). On February 23, 2026, he exercised or converted 2,000 RSUs into 2,000 shares of voting common stock at a stated price of $0.00 per share, increasing his direct common stock position to 31,425 shares immediately after that step.

On the same date, 889 shares of voting common stock were disposed of at $38.30 per share to satisfy tax obligations associated with the equity award, leaving 30,536 shares of voting common stock held directly. He also reports multiple RSU awards that each represent the right to receive one share of common stock, vesting in annual installments beginning on dates ranging from February 14, 2023 to February 10, 2026, and an additional 153.7958 shares of voting common stock held indirectly by his spouse.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Spencer Courtney

(Last) (First) (Middle)

1741 TIBURON DRIVE

(Street)

WILMINGTON NC 28403

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Live Oak Bancshares, Inc. [ LOB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Experience Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Voting Common Stock	02/23/2026		M		2,000	A	(1)	31,425	D
Voting Common Stock	02/23/2026		F		889	D	$38.3	30,536	D
Voting Common Stock								153.7958	I	By Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	02/23/2026		M			2,000	(2)	(2)	Voting Common Stock	2,000	$0	0	D
Restricted Stock Units	(1)							(3)	(3)	Voting Common Stock	1,580		1,580	D
Restricted Stock Units	(1)							(4)	(4)	Voting Common Stock	6,384		6,384	D
Restricted Stock Units	(1)							(5)	(5)	Voting Common Stock	5,690		5,690	D
Restricted Stock Units	(1)							(6)	(6)	Voting Common Stock	6,586		6,586	D
Restricted Stock Units	(1)							(7)	(7)	Voting Common Stock	5,701		5,701	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.

2. 2,000 of the RSUs vested on each of February 22, 2023, 2024 and 2025, and February 23, 2026.

3. The RSUs vest in five equal annual installments beginning on February 14, 2023, subject to the reporting person's continuous service to the Company or a related entity on such date.

4. The RSUs vest in five equal annual installments beginning on February 12, 2025, subject to the reporting person's continuous service to the Company or a related entity on such date.

5. The RSUs vest in five equal annual installments beginning on February 13, 2024, subject to the reporting person's continuous service to the Company or a related entity on such date.

6. The RSUs vest in five equal annual installments beginning on February 9, 2027, subject to the reporting person's continuous service to the Company or a related entity on such date.

7. The RSUs vest in five equal annual installments beginning on February 10, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date.

Remarks:

	/s/ Jonathan A. Greene, By Power of Attorney	02/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Live Oak Bancshares (LOB) executive Spencer Courtney report on this Form 4?

Spencer Courtney reported equity award activity involving restricted stock units and common stock. He converted 2,000 RSUs into 2,000 shares of Live Oak Bancshares voting common stock and had 889 shares withheld to cover tax obligations, updating his direct and indirect ownership positions.

How many Live Oak Bancshares (LOB) shares did Spencer Courtney acquire through RSU conversion?

He acquired 2,000 shares of voting common stock through the exercise or conversion of 2,000 restricted stock units. Each RSU represents the right to receive one share of Live Oak Bancshares voting common stock, as disclosed in the filing’s footnotes describing the nature of the equity awards.

Why were 889 Live Oak Bancshares (LOB) shares disposed of in this Form 4?

The 889 shares of voting common stock were disposed of at $38.30 per share to pay the exercise price or satisfy tax liabilities related to the equity award. This tax-withholding disposition is coded “F,” indicating it was not an open-market purchase or sale transaction.

What is Spencer Courtney’s direct ownership in Live Oak Bancshares (LOB) after these transactions?

After the RSU conversion and tax-withholding disposition, Spencer Courtney directly owns 30,536 shares of Live Oak Bancshares voting common stock. This reflects 31,425 shares following the RSU exercise, reduced by 889 shares delivered to cover tax obligations associated with the equity award activity.

Does Spencer Courtney hold additional Live Oak Bancshares (LOB) restricted stock units?

Yes. He reports several blocks of restricted stock units, each giving a contingent right to receive one share of voting common stock. These RSUs vest in five equal annual installments beginning on dates between February 14, 2023 and February 10, 2026, subject to continued service conditions.

What indirect Live Oak Bancshares (LOB) holdings are reported for Spencer Courtney?

The filing shows an indirect holding of 153.7958 shares of Live Oak Bancshares voting common stock held by his spouse. This position is classified as indirect ownership, reflecting that the shares are attributed to him through a related person rather than held in his own name.