MAHAN JAMES S III 4

What Happened James S. Mahan III, CEO of Live Oak Bancshares (LOB), sold a total of 20,000 shares in open-market transactions. On 2026-03-11 he disposed of 10,000 shares at a weighted average price of $32.83 for approximately $328,280, and on 2026-03-12 he disposed of 10,000 shares at a weighted average price of $32.50 for approximately $325,041 — about $653,321 in aggregate. These sales were made pursuant to a Rule 10b5-1 trading plan (adopted August 27, 2025), which typically indicates preplanned, systematic sales rather than opportunistic trading.

Key Details

• Transaction dates: 2026-03-11 (10,000 shares @ weighted avg $32.83, ~$328,280) and 2026-03-12 (10,000 shares @ weighted avg $32.50, ~$325,041). Total ≈ $653,321.
• Price ranges: 3/11 trades executed between $32.395 and $33.125 (weighted avg reported); 3/12 trades executed between $32.06 and $32.90 (weighted avg reported).
• Plan: Trades were executed under a Rule 10b5-1 plan adopted 2025-08-27 (footnote F1).
• Transparency: Reporting person offered to provide breakdown of the multiple trades and exact prices on request (footnotes F2, F3).
• Shares owned after transaction: Not reported in the materials provided.
• Filing timing: Form 4 filed 2026-03-13 for trades on 2026-03-11 and 2026-03-12; this appears to be timely based on typical Section 16 reporting rules.

Context These were sales (a disposition of shares), not purchases or option exercises. Because the transactions were made under a pre-established 10b5-1 plan, they are commonly viewed as routine, prearranged disposals rather than a new, active signal of insider sentiment. Retail investors should note the sales reduce insider shareholding but, without the post-transaction ownership figure, can’t assess how material the remaining stake is.