Live Oak (LOB) Chief Credit Officer Michael Cairns Exercises RSUs

What Happened
Michael Cairns, Chief Credit Officer of Live Oak Bancshares, had 2,420 restricted stock units (RSUs) convert to 2,420 shares on 2026-08-19 (reported 2026-08-21). To cover tax withholding, 1,076 of those shares were surrendered/withheld at $40.89 per share, totaling $43,998. The net shares retained from this event were 1,344 (2,420 converted minus 1,076 withheld).

Key Details

• Transaction date: August 19, 2026; Form filed August 21, 2026 (timely filing).
• Conversion/exercise code: M (exercise or conversion of a derivative — here, RSUs converting into common stock).
• Tax withholding code: F — 1,076 shares withheld at $40.89/share for $43,998.
• Net shares retained from the conversion: 1,344 shares (2,420 converted − 1,076 withheld).
• Footnotes: F1 notes each RSU represents a contingent right to one share; other footnotes (F2–F7) describe various RSU vesting schedules and conditions.
• Shares owned after the transaction: not specified in the provided excerpt of the filing.

Context

• This was not an open-market sale or purchase. It reflects RSU vesting/conversion with shares withheld to satisfy tax obligations (a routine administrative event).
• Transaction codes: M = exercise/conversion of derivative (RSU conversion here); F = payment of exercise price or tax liability (share withholding).
• Such withholding transactions are common when equity awards vest and do not necessarily indicate a change in insider sentiment.