Brown Michael Ashby Sutherland 4

What Happened

• Michael Brown, CEO of Live Oak Acquisition Corp. V (TMS), reported three acquisitions on 2026-06-18 totaling 1,335,488 shares.
  • 1,216,510 shares were received as part of the business combination (conversion of Legacy Teamshares common stock) (footnote F1).
  • 27,174 shares were acquired at $9.20 per share for a reported total of $250,001.
  • 91,804 shares were reported as a derivative award (stock options) that were converted/awarded in the merger (footnote F1) and subject to a vesting schedule (footnote F2).
• These are acquisitions/awards (not sales), so they represent incoming shares/options rather than dispositions.

Key Details

• Transaction date: June 18, 2026. SEC filing date: June 23, 2026 (appears filed several days after the transaction; Form 4 is generally due within two business days).
• Prices/values: 27,174 shares at $9.20 = $250,001; the 1,216,510 and 91,804 items are merger conversions/derivative awards with no per-share price reported.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes:
  • F1: Shares/options were received upon the closing of the Merger Agreement converting Legacy Teamshares equity into the issuer's securities.
  • F2: The stock option (91,804 shares) vests 25% on Sept 1, 2026, then in 36 equal monthly installments.
• Transaction code: A (award/acquisition). No indication of a 10b5-1 plan, sale, or immediate cashless exercise in the filing excerpt.

Context

• The large block (1.216M) is a conversion from the merger, not an open-market buy — common in SPAC/combination transactions and not necessarily a bullish open-market purchase.
• The 91,804-item is a stock option grant/converted option with future vesting; it does not represent immediately transferable common shares until vested/exercised.
• The 27,174-share acquisition at $9.20 is a direct purchase/acquisition and is the clearest purchase signal here (cost ≈ $250k).