MAHAN JAMES S III 4

What Happened

• James S. Mahan III, CEO of Live Oak Bancshares, sold a total of 20,000 shares in open-market transactions on February 4–5, 2026, for aggregate proceeds of about $821,073. The sales were reported on a Form 4 filed February 6, 2026.
• Transaction breakdown: 9,760 shares at a weighted avg $41.88 (≈ $408,773); 240 shares at $42.44 (≈ $10,185); 9,350 shares at $40.13 (≈ $375,245); 650 shares at $41.34 (≈ $26,870). These were sales (not purchases), which are often routine liquidations rather than affirmative bullish insider buying.

Key Details

• Transaction dates: Feb 4, 2026 (two sales) and Feb 5, 2026 (two sales). Form filed Feb 6, 2026.
• Prices: reported as weighted averages for each line; aggregated proceeds ≈ $821,073 for 20,000 shares.
• Reported ownership after the transactions: not provided in the extract of this filing.
• Footnotes: Sales were effected pursuant to a Rule 10b5-1 trading plan adopted Aug 27, 2025. Individual trade fills were executed across price ranges: Feb 4 trades ranged ~$41.26–$42.21 and ~$42.38–$42.50; Feb 5 trades ranged ~$39.70–$40.63 and ~$41.03–$41.68 (reported prices are weighted averages).
• Timeliness: Form 4 was filed on Feb 6, 2026 covering Feb 4–5 trades; no late-filing indication is shown in this report.

Context

• These were open-market sales under a pre-established 10b5-1 plan (common for scheduled insider liquidity) — such sales do not by themselves indicate management’s view of company prospects.
• For retail investors, purchases often carry more informational weight than routine sales; treat this as scheduled insider selling unless other information suggests otherwise.