Spencer Courtney 4

4 · Live Oak Bancshares, Inc. · Filed Feb 19, 2026

AI-generated summary of this filing

Updated Feb 19, 2026

Live Oak (LOB) CEXO Spencer Courtney Exercises RSUs; 702 Shares Withheld

What Happened

Spencer Courtney, Chief Experience Officer of Live Oak Bancshares, converted restricted stock units (RSUs) into 1,580 shares on February 17, 2026. To satisfy tax withholding obligations, 702 of those shares were surrendered at a value of $40.75 per share (total ~ $28,607). The RSU conversion shows no cash exercise price (typical for RSU vesting).

Key Details

Transaction date: February 17, 2026; Form filed February 19, 2026 (appears timely).
Transactions reported: conversion/exercise of 1,580 RSUs (code M); 702 shares withheld for taxes (code F) at $40.75/share for ~$28,607.
Exercise/conversion reported with $0.00 exercise price (RSUs vest into shares rather than exercised options for cash).
Shares owned after the transaction: not specified in the provided details.
Relevant footnotes: RSUs represent contingent rights to one share each and vest under multi-year schedules (several vesting start dates and installment schedules are noted in the filing). The filing indicates tax withholding via share surrender rather than an open-market sale.

Context

This is a routine vesting/conversion of RSUs with shares withheld to cover taxes — not an open-market sale or purchase indicating a change in market exposure.
Transaction codes: M = exercise/conversion of a derivative (here, RSUs converting to shares); F = shares surrendered/withheld to cover tax liability.
For retail investors: such transactions typically reflect standard compensation mechanics (vesting and withholding) rather than a direct buy or bearish sale signal.

Form 4

Period: 2026-02-17

Chief Experience Officer

Transactions

Exercise/Conversion
Voting Common Stock
[F1]
2026-02-17+1,580→ 30,127 total
Tax Payment
Voting Common Stock
2026-02-17$40.75/sh−702$28,607→ 29,425 total
Exercise/Conversion
Restricted Stock Units
[F1][F2]
2026-02-17−1,580→ 1,580 total
→ Voting Common Stock (1,580 underlying)

Holdings

Voting Common Stock
(indirect: By Spouse)
153.796
Restricted Stock Units
[F1][F3]
→ Voting Common Stock (6,384 underlying)
6,384
Restricted Stock Units
[F1][F4]
→ Voting Common Stock (5,690 underlying)
5,690
Restricted Stock Units
[F1][F5]
→ Voting Common Stock (6,586 underlying)
6,586
Restricted Stock Units
[F1][F6]
→ Voting Common Stock (5,701 underlying)
5,701
Restricted Stock Units
[F1][F7]
→ Voting Common Stock (2,000 underlying)
2,000

Footnotes (7)

[F1]Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
[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.
[F3]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.
[F4]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.
[F5]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.
[F6]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.
[F7]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.

Signature

/s/ Jonathan A. Greene, By Power of Attorney|2026-02-19

1 file