Spencer Courtney 4

What Happened

• Spencer Courtney, Chief Experience Officer of Live Oak Bancshares (LOB), exercised/converted derivatives and sold shares on January 26, 2026. He exercised 14,000 shares at $13.59 (cost $190,260) and converted another 14,000 derivative units at $0.00 (no cash cost), receiving 28,000 shares in total. He then sold 9,700 shares in the open market at a weighted average price of $39.01 for total proceeds of $378,349. Net change from these transactions is an increase of 18,300 shares (28,000 acquired − 9,700 sold).

Key Details

• Transaction date: 2026-01-26 (reported on 2026-01-28).
• Sales: 9,700 shares sold in multiple trades at prices between $39.00 and $39.155; weighted average reported $39.01; proceeds $378,349 (see footnote F1).
• Exercises/conversions: 14,000 shares exercised at $13.59 ($190,260); 14,000 derivative units converted at $0.00 (no cash paid).
• Footnotes: F1 documents multiple sale trades and weighted-average pricing; F2–F8 describe vesting schedules for the exercised option(s) and RSUs that made the shares exercisable/convertible.
• Shares owned after transaction: not specified in the provided excerpt.
• Timeliness: Filing date (Jan 28) follows the Jan 26 transactions; this appears to be a standard Form 4 filing (not marked late).

Context

• Code meanings: M = exercise/conversion of derivative; S = sale. The filing shows both an option/RSU exercise/conversion and an open-market sale on the same day. That pattern often involves immediately selling some newly acquired shares, but the filing itself does not state the insider’s motives.