MAHAN JAMES S III 4

What Happened
James S. Mahan III, CEO of Live Oak Bancshares, sold a total of 20,000 common shares in open-market transactions on June 3–4, 2026, generating about $737,302 in proceeds. The sales break down as: 9,363 shares @ $36.42 = $341,012; 637 shares @ $37.14 = $23,659; 9,921 shares @ $37.26 = $369,657; and 79 shares @ $37.65 = $2,974. All transactions are reported as sales (code S) and were executed pursuant to a pre-established Rule 10b5-1 trading plan.

Key Details

• Transaction dates: June 3–4, 2026; Form 4 filed June 5, 2026 (timely filing).
• Prices reported are weighted averages; reported price ranges per footnotes include $36.01–$36.90, $37.13–$37.28, and $36.64–$37.61 for the multiple executions.
• Total shares sold: 20,000; total proceeds: ~$737,302.
• Shares owned after the transaction: not disclosed in this filing.
• Notable footnote: sales were effected under a Rule 10b5-1 plan adopted August 27, 2025 (automated trading plan).
• Transaction code: S = Sale.

Context
These were outright sales under a 10b5-1 plan, which are typically pre-arranged and often viewed as routine rather than a direct signal of management sentiment. For retail investors, purchases generally carry more direct informational weight than planned sales. The filer has committed to provide detailed execution data upon request (number of shares and prices for individual trades) as noted in the footnotes.