Live Oak Bancshares CEO James Mahan Sells 20,000 Shares

What Happened

• James S. Mahan III, CEO of Live Oak Bancshares (LOB), sold a total of 20,000 shares in two open-market transactions on August 12 and 13, 2026. The sales were for 10,000 shares on 8/12 at a weighted-average price of $42.75 (total $427,475) and 10,000 shares on 8/13 at a weighted-average price of $43.10 (total $430,973), for combined proceeds of approximately $858,448. These were outright sales (not purchases or option exercises).

Key Details

• Transaction dates and prices:
  • 2026-08-12: 10,000 shares sold, weighted-average $42.75 (execution prices ranged $42.395–$42.97). (Footnote F2)
  • 2026-08-13: 10,000 shares sold, weighted-average $43.10 (execution prices ranged $42.895–$43.39). (Footnote F3)
• Total proceeds: ~$858,448.
• Shares owned after the transactions: not specified in the information provided in this summary.
• Notable footnotes:
  • Sales were executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Mahan on August 27, 2025 (Footnote F1).
  • The filing notes that per-trade price/quantity details are available on request to the SEC staff, the issuer, or a security holder (Footnotes F2, F3).
• Filing/timeliness: Form 4 was filed on 2026-08-14 for transactions reported on 8/12–8/13; no late filing is indicated.

Context

• A Rule 10b5-1 plan is a pre-arranged trading program that lets insiders sell shares according to a schedule established in advance; its presence typically means the trades were pre-planned rather than opportunistic. This is a sale, which is a routine insider action and does not, by itself, indicate a change in the CEO’s view of the company. Purchases generally carry more informational weight for investors than routine sales.