MAHAN JAMES S III 4

What Happened

• James S. Mahan III, Chief Executive Officer of Live Oak Bancshares, reported sales of a total of 20,000 shares (all dispositions) in transactions dated June 10–11, 2026. The filing shows: 9,085 shares at $38.68 for $351,451; 915 shares at $39.20 for $35,870; and 10,000 shares at $38.19 for $381,851 — total proceeds about $769,172. These were reported as open‑market/private sales (code S) and are sales (not purchases).

Key Details

• Transaction dates: June 10, 2026 (two trades) and June 11, 2026 (one trade). Filing date: June 12, 2026 (timely).
• Reported prices/values: 9,085 @ $38.68 = $351,451; 915 @ $39.20 = $35,870; 10,000 @ $38.19 = $381,851. Total: 20,000 shares, ~$769,172.
• Ownership after transaction: Not specified in the materials provided here (check the full Form 4 for post‑transaction beneficial ownership).
• Footnotes: The sales were executed pursuant to a Rule 10b5‑1 trading plan adopted Aug 27, 2025 (F1). Other footnotes state these trades were executed in multiple lots at price ranges (reported ranges: ~$37.77–$39.25 across trades) and the filing shows weighted average prices; the filer offers to provide per‑trade details on request (F2–F4).
• Timeliness: Filed on 2026‑06‑12 for trades on 6/10–6/11 — the Form 4 was filed within the required reporting window.

Context

• These are discretionary sales under a pre‑arranged 10b5‑1 trading plan, which are commonly used by executives to sell shares on a pre‑set schedule. Sales under 10b5‑1 plans are typically viewed as routine and do not by themselves indicate the insider’s current view of the company.