Live Oak Bancshares (LOB) officer exercises 14,000 options, sells stock

Rhea-AI Filing Summary

Live Oak Bancshares, Inc. Chief Experience Officer Spencer Courtney reported an option exercise and share sale. On January 26, 2026, he exercised a stock option for 14,000 shares of voting common stock at $13.59 per share, increasing his direct holdings. The same day, he sold 9,700 shares of voting common stock at a weighted average price of $39.005 per share, in trades executed between $39.000 and $39.155, leaving 25,160 shares held directly. He also reports 153.7958 shares held indirectly by his spouse and multiple blocks of restricted stock units, each representing a contingent right to receive one share of voting common stock that vest over several annual installments.

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)
01/26/2026

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	01/26/2026		M		14,000	A	$13.59	34,860	D
Voting Common Stock	01/26/2026		S		9,700	D	$39.005(1)	25,160	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
Stock Option (right to buy)	$13.59	01/26/2026		M			14,000	(2)	02/16/2026	Voting Common Stock	14,000	$0	0	D
Restricted Stock Units	(3)							(4)	(4)	Voting Common Stock	3,160		3,160	D
Restricted Stock Units	(3)							(5)	(5)	Voting Common Stock	2,000		2,000	D
Restricted Stock Units	(3)							(6)	(6)	Voting Common Stock	8,535		8,535	D
Restricted Stock Units	(3)							(7)	(7)	Voting Common Stock	8,512		8,512	D
Restricted Stock Units	(3)							(8)	(8)	Voting Common Stock	7,126		7,126	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $39.000 to $39.155. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the trades were effected.

2. The shares subject to this option vested and became exercisable yearly in seven installments beginning on February 16, 2017, as follows: 10% of the shares subject to the option vested on each of February 16, 2017, 2018, 2019, 2020, and 2021; 25% of the shares subject to the option vested on February 16, 2022; and 25% of the shares subject to the option vested on February 16, 2023.

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

4. 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.

5. 2,000 of the RSUs will vest on each of February 22, 2023, 2024, 2025, and 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 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.

7. The RSUs vest in five 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.

8. The RSUs vest in five 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	01/28/2026
	** 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).
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FAQ

What insider transactions did LOB Chief Experience Officer Spencer Courtney report?

Spencer Courtney reported exercising 14,000 stock options at $13.59 per share and selling 9,700 shares of Live Oak Bancshares voting common stock at a weighted average price of $39.005 per share, all on January 26, 2026, as reflected in his Form 4 filing.

How many Live Oak Bancshares (LOB) shares does Spencer Courtney own after these trades?

After the reported transactions, Spencer Courtney holds 25,160 shares of Live Oak Bancshares voting common stock directly and 153.7958 shares indirectly through his spouse, according to the Form 4. He also holds several tranches of restricted stock units that may settle in additional shares over time.

At what prices did the LOB insider sell shares on January 26, 2026?

The 9,700 Live Oak Bancshares shares were sold at a weighted average price of $39.005 per share. Individual trades occurred at prices ranging from $39.000 to $39.155, with the insider offering to provide full trade details to regulators, the issuer, or security holders upon request.

What stock option activity did the LOB insider report on this Form 4?

The filing shows Spencer Courtney exercised a stock option for 14,000 shares of Live Oak Bancshares voting common stock at an exercise price of $13.59 per share. Following this exercise, the option position was reduced to zero, and the acquired shares contributed to his updated direct holdings.

What restricted stock units (RSUs) does the Live Oak Bancshares insider hold?

The Form 4 lists several RSU awards, including blocks of 3,160, 2,000, 8,535, 8,512, and 7,126 units. Each RSU represents a contingent right to receive one share of voting common stock, vesting in annual installments beginning between 2023 and 2026, subject to continued service.