MAHAN JAMES S III 4

What Happened

• James S. Mahan III, CEO of Live Oak Bancshares, sold a total of 10,000 LOB shares in open-market transactions on May 20, 2026, yielding approximately $368,369 in proceeds.
  • 9,645 shares sold at a weighted average price of $36.83 for $355,180 (trades priced between $36.137 and $37.1241).
  • 355 shares sold at a weighted average price of $37.15 for $13,189 (trades priced between $37.1279 and $37.2137).
• These were sales (not purchases); sales can be routine or for diversification/liquidity and are less directly interpreted as a bullish signal than purchases.

Key Details

• Transaction date: May 20, 2026; Form 4 filed May 21, 2026 (timely filing).
• Prices: weighted averages $36.83 and $37.15; individual trade prices reported in footnotes as ranges above.
• Total proceeds: ~ $368,369.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Notable footnotes:
  • Sale executed pursuant to a Rule 10b5-1 trading plan adopted August 27, 2025 (prearranged trading plan).
  • Reporting person offers to provide full breakdown of the multiple trades and exact prices upon request (per footnotes).
• Filing status: appears timely (filed the next day).

Context

• The sales were carried out under a 10b5-1 plan, meaning they were preplanned transactions made according to a schedule established while the insider was not in possession of material nonpublic information. Such planned sales are common and do not necessarily reflect the insider’s current view of the company.
• For retail investors, purchases are generally more informative about insider confidence; planned sales like this are often routine (liquidity/tax planning).