Spencer Courtney 4

What Happened
Spencer Courtney, Chief Experience Officer of Live Oak Bancshares (LOB), received a grant of 6,586 restricted stock units (RSUs) on Feb 9, 2026. On Feb 10, 2026, 1,425 RSUs were converted/exercised into shares; 709 of those shares were withheld to cover tax withholding (reported value of withheld shares: $29,097). The remaining shares from that conversion imply a net delivery of about 716 shares to Courtney. The initial grant is an award (not a market purchase) and the withholding for taxes is routine.

Key Details

• Transaction dates: RSU grant 2026-02-09; conversion/exercise and tax withholding 2026-02-10; Form 4 filed 2026-02-11.
• Reported prices/values: 709 shares withheld at $41.04 each = $29,097 (tax withholding); RSU grant and conversion shown at $0.00 (derivative award/conversion).
• Implied net shares received from the conversion: 1,425 converted − 709 withheld = ~716 shares delivered.
• Shares owned after transaction: not specified in the filing.
• Footnotes: RSUs represent a contingent right to one share and vest under multi‑year schedules (generally five equal annual installments per the filing’s footnotes).
• Timeliness: Filing date (2/11/2026) follows the reported transactions (2/9–2/10/2026); the report appears timely.

Context
These transactions reflect an equity award (RSUs) and routine settlement mechanics (conversion and share withholding to satisfy tax obligations), not an open‑market purchase or sale expressing market sentiment. For retail investors, grant + conversion with share withholding is common compensation administration and should be viewed as compensation-related rather than a directional trade by the insider.