Live Oak Bancshares executive sells small share block

Courtney Spencer, Chief Experience Officer of Live Oak Bancshares, sold 153.7958 shares of voting common stock on August 4, 2026 at $43.6800 per share from an indirect holding by spouse, leaving no remaining indirect shares.

Rhea-AI Filing Summary

Courtney Spencer, Chief Experience Officer of Live Oak Bancshares, sold 153.7958 shares of voting common stock on August 4, 2026 at $43.6800 per share from an indirect holding by spouse, leaving no remaining indirect shares. Spencer continues to hold 30,536 shares of voting common stock directly, plus several Restricted Stock Unit awards covering between 1,580 and 6,586 underlying shares each, which vest in five equal annual installments subject to continuous service.

Insider Trade Summary

Net Seller: 153.7958 shares

Net Sell 7 txns

Insider Spencer Courtney

Role Chief Experience Officer

Sold 153.7958 shs ($7K)

Type	Security	Shares	Price	Value
Sale	Voting Common Stock	153.7958	$43.68	$7K
holding	Restricted Stock Units F1, F2	--	--	--
holding	Restricted Stock Units F1, F3	--	--	--
holding	Restricted Stock Units F1, F4	--	--	--
holding	Restricted Stock Units F1, F5	--	--	--
holding	Restricted Stock Units F1, F6	--	--	--
holding	Voting Common Stock	--	--	--

Holdings After Transaction: Voting Common Stock — 0 shares (Indirect, By Spouse); Restricted Stock Units — 25,941 contracts (Direct); Voting Common Stock — 30,536 shares (Direct)

Footnotes (6)

1. F1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
2. F2. 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.
3. F3. 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.
4. F4. 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. F5. 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.
6. F6. 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.

Key Figures

Shares sold: 153.7958 shares Sale price per share: $43.6800 Indirect shares after sale: 0.0000 shares +3 more

6 metrics

Shares sold 153.7958 shares Voting common stock sold indirectly by spouse on August 4, 2026

Sale price per share $43.6800 Price per share for the 153.7958 voting common shares sold

Indirect shares after sale 0.0000 shares Indirect voting common stock ownership by spouse following the transaction

Direct common shares held 30536.0000 shares Direct voting common stock ownership after the reported transaction

RSU underlying shares (grant example 1) 1580.0000 shares Restricted Stock Units tied to voting common stock, vesting over five years from February 14, 2023

RSU underlying shares (grant example 2) 6586.0000 shares Restricted Stock Units tied to voting common stock, vesting over five years from February 9, 2027

Key Terms

Restricted Stock Units, voting common stock, contingent right, continuous service

4 terms

Restricted Stock Units financial

"Each restricted stock unit ("RSU") represents a contingent right to receive one share"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

voting common stock financial

"receive one share of Live Oak Bancshares, Inc. voting common stock"

contingent right financial

"Each restricted stock unit ("RSU") represents a contingent right to receive one share"

continuous service financial

"The RSUs vest in five equal annual installments ... subject to the reporting person's continuous service"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stock sale did Courtney Spencer report for Live Oak Bancshares (LOB)?

Courtney Spencer sold 153.7958 shares of Live Oak Bancshares voting common stock at $43.6800 per share on August 4, 2026. The sale involved shares held indirectly by a spouse, and that indirect position was reduced to zero shares afterward.

How many Live Oak Bancshares (LOB) shares does Courtney Spencer still hold directly?

After the disclosed transaction, Courtney Spencer holds 30,536 shares of Live Oak Bancshares voting common stock directly. This direct position is separate from the shares that were sold from an indirect spousal holding and from any Restricted Stock Units outstanding.

What Restricted Stock Units does Courtney Spencer have in Live Oak Bancshares (LOB)?

Courtney Spencer holds several Restricted Stock Unit awards tied to Live Oak Bancshares voting common stock, including tranches for 1,580, 5,690, 6,384, 5,701, and 6,586 underlying shares. Each RSU represents a contingent right to receive one share of voting common stock.

How do Courtney Spencer’s RSUs in Live Oak Bancshares (LOB) vest?

The RSUs vest in five equal annual installments, with different awards beginning on February 14, 2023, February 13, 2024, February 12, 2025, February 10, 2026, and February 9, 2027. Vesting is conditioned on Spencer’s continuous service to the company or a related entity.

Were the sold Live Oak Bancshares (LOB) shares held directly by Courtney Spencer?

No. The 153.7958 shares sold on August 4, 2026 were held indirectly "By Spouse". Following this sale, the indirect spousal holding is reported as 0 shares, while Courtney Spencer’s direct ownership and RSU positions remain in place.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/05/2026 - 04:21 PM Accepted by SEC EDGAR 08/05/2026 - 04:20 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 NORTH CAROLINA 28403

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/04/2026

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

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

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

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	08/04/2026		S		153.7958	D	$43.68	0	I	By Spouse
Voting Common Stock								30,536	D

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)							(2)	(2)	Voting Common Stock	1,580		1,580	D
Restricted Stock Units	(1)							(3)	(3)	Voting Common Stock	5,690		5,690	D
Restricted Stock Units	(1)							(4)	(4)	Voting Common Stock	6,384		6,384	D
Restricted Stock Units	(1)							(5)	(5)	Voting Common Stock	5,701		5,701	D
Restricted Stock Units	(1)							(6)	(6)	Voting Common Stock	6,586		6,586	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. 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.

3. 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.

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 10, 2026, 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.

Remarks:

	/s/ Jonathan A. Greene, By Power of Attorney	08/05/2026
	** 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.
* Form 4: SEC 1474 (03-26)