MAHAN JAMES S III 4

What Happened

• James S. Mahan III, CEO of Live Oak Bancshares (LOB), sold a total of 20,000 shares in open-market transactions on Feb 25–26, 2026 for total proceeds of $786,998.
• Individual transactions reported: 7,463 shares at a weighted avg $39.21 ($292,638); 2,537 shares at $39.65 ($100,580); 8,754 shares at $39.29 ($343,944); and 1,246 shares at $40.00 ($49,836). These are sales (not purchases).

Key Details

• Dates and reported weighted-average prices: Feb 25, 2026 (7,463 @ $39.21; 2,537 @ $39.65) and Feb 26, 2026 (8,754 @ $39.29; 1,246 @ $40.00).
• Total shares sold: 20,000; total proceeds: $786,998.
• Shares owned after transaction: Not disclosed in the provided filing.
• Notable footnotes: Transactions were effected under a Rule 10b5-1 trading plan adopted Aug 27, 2025 (F1). Each sale was executed in multiple trades; price ranges reported across trades were roughly $38.61–$40.16, and the filing shows weighted-average prices with an undertaking to provide full trade-by-trade details on request (F2–F5).
• Filing timeliness: Form 4 filed Feb 27, 2026 for trades on Feb 25–26, 2026 — no late filing indicated in the provided info.

Context

• These were sales under a pre-established 10b5-1 plan, which typically schedules trades in advance and is intended to avoid reliance on inside information; such sales are often routine and do not necessarily indicate management sentiment.
• For retail investors, buy transactions tend to be more informative about insider conviction; recorded sales are primarily liquidity events unless accompanied by other disclosures.