MAHAN JAMES S III 4

What Happened
James S. Mahan III, CEO of Live Oak Bancshares, sold a total of 20,000 shares in two open‑market dispositions: 10,000 shares on May 27, 2026 at a weighted average price of $37.65 for $376,513, and 10,000 shares on May 28, 2026 at a weighted average price of $37.25 for $372,481. The combined proceeds reported equal $748,994. These were sales (liquidity events) rather than purchases.

Key Details

• Transaction dates and reported weighted averages:
  • May 27, 2026 — 10,000 shares @ $37.65 (total $376,513). Executed in multiple trades at prices ranging $37.40–$38.22 (see footnote F2).
  • May 28, 2026 — 10,000 shares @ $37.25 (total $372,481). Executed in multiple trades at prices ranging $36.785–$37.68 (see footnote F3).
• Total shares sold: 20,000; total proceeds: $748,994.
• Sales were effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Mahan on August 27, 2025 (footnote F1).
• The filer undertakes to provide detailed per‑trade quantities and prices upon request (footnotes F2/F3).
• Filing: Form 4 filed May 29, 2026 for transactions on May 27–28, 2026 — appears to be timely (Form 4 is generally due within two business days).

Context

• These transactions were outright sales (code S) under a prearranged 10b5-1 plan, which is commonly used by insiders to systematically sell shares and is not, by itself, an indication of new information about the company.
• Shares owned after the transactions were not included in the provided excerpt of the filing; consult the full Form 4 for post‑transaction holdings if needed.