MAHAN JAMES S III 4

What Happened

James S. Mahan III, Chief Executive Officer of Live Oak Bancshares, sold 10,000 shares of Live Oak common stock in an open-market transaction on May 13, 2026. The weighted-average price reported was $35.96 per share, for total proceeds of approximately $359,620. This was a sale (not a purchase) and thus is generally considered a routine disposition rather than a bullish insider buy.

Key Details

• Transaction date: May 13, 2026; Form 4 filed May 15, 2026 (timely).
• Transaction type/code: Sale (S) executed in multiple trades.
• Price(s): weighted average $35.96; individual trades ranged $35.73 to $36.491.
• Total value: approximately $359,620.
• Shares owned after transaction: not disclosed in the provided filing.
• Notable footnotes:
  • Sale was made under a Rule 10b5-1 trading plan adopted August 27, 2025.
  • Reporting person notes multiple executions and offers to provide detailed trade-by-trade prices/quantities upon request.

Context

Sales by executives can be routine (tax planning, diversification, pre-set plans). The presence of a 10b5-1 plan indicates the trades were prearranged, which may limit inference about the CEO’s near-term view of the company. No options exercise, gift, or tax-withholding activity is reported in this filing.