MAHAN JAMES S III 4

What Happened
James S. Mahan III, CEO of Live Oak Bancshares (LOB), reported open‑market sales of a total of 20,000 shares across trades on Feb 11–12, 2026. The four reported dispositions were: 9,598 shares @ $40.84 ($392,025); 402 shares @ $41.39 ($16,637); 9,265 shares @ $40.05 ($371,026); and 735 shares @ $40.92 ($30,073). Total proceeds were about $809,761. These were sales (not purchases) and thus are routine dispositions rather than a buy signal.

Key Details

• Transaction dates: Feb 11, 2026 and Feb 12, 2026; Form 4 filed Feb 13, 2026 (appears timely).
• Total shares sold: 20,000; total proceeds: ~$809,761.
• Reported prices are weighted averages; filing footnotes provide trade‑level price ranges:
  • First sale: $40.45 – $41.2227
  • Second sale: $41.445 – $41.45
  • Third sale: $39.565 – $40.42
  • Fourth sale: $40.66 – $41.07
• Footnote: Sales were effected pursuant to a Rule 10b5‑1 trading plan adopted Aug 27, 2025.
• Shares owned after the transactions: not specified in the information provided in this summary.

Context

• 10b5‑1 plans allow insiders to sell shares according to a prearranged schedule; filings note the trades were made under such a plan. That typically indicates the trades were pre‑planned rather than based on new, nonpublic information.
• Sales are common for tax, diversification, or liquidity reasons; they do not necessarily reflect the insider’s view of the company’s prospects.