Live Oak CEO sells 20,000 shares around $38

Live Oak Bancshares’ CEO reported 20,000 indirect share sales under a pre-established Rule 10b5-1 trading plan while retaining large indirect holdings.

Rhea-AI Filing Summary

Live Oak Bancshares, Inc. (LOB) reported that Chief Executive Officer and director James S. Mahan III filed a Form 4 disclosing indirect sales of Voting Common Stock. On September 9 and 10, 2026, a revocable trust associated with him sold 20,000 shares in total at weighted average prices in the high-$38 range, in open-market or private transactions.

The filing states these sales were effected under a Rule 10b5-1 trading plan adopted on August 27, 2025. After these transactions, Mahan reports continued indirect holdings through several entities, including 3,032,547 shares held by the Marguerite D. Mahan Revocable Trust and additional stakes held by family trusts and an LLC.

Insider Trade Summary 10b5-1

Net Seller: 20,000 shares

Net Sell 6 txns

Insider MAHAN JAMES S III

Role Chief Executive Officer

Sold 20,000 shs ($774K)

Type	Security	Shares	Price	Value
Sale	Voting Common Stock F1, F3	10,000	$38.7485	$387K
Sale	Voting Common Stock F1, F2	10,000	$38.6312	$386K
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--

Holdings After Transaction: Voting Common Stock — 2,747,844 shares (Indirect, By James S. Mahan Revocable Trust); Voting Common Stock — 3,032,547 shares (Indirect, By Marguerite D. Mahan Revocable Trust); Voting Common Stock — 127,167 shares (Indirect, By 2021 Chip Mahan Family and Charitable Trust); Voting Common Stock — 127,167 shares (Indirect, By 2021 Peggy Mahan Family Trust); Voting Common Stock — 140,150 shares (Indirect, By Peapod II, LLC)

Footnotes (3)

1. F1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 27, 2025.
2. F2. This transaction was executed in multiple trades at prices ranging from $38.255 to $39.08. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of shares and prices at which the trades were effected.
3. F3. This transaction was executed in multiple trades at prices ranging from $38.35 to $39.08. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of shares and prices at which the trades were effected.

Key Figures

Shares sold September 9, 2026: 10,000 shares Weighted average sale price September 9, 2026: $38.6312 per share Shares sold September 10, 2026: 10,000 shares +5 more

8 metrics

Shares sold September 9, 2026 10,000 shares Indirect sale by James S. Mahan Revocable Trust

Weighted average sale price September 9, 2026 $38.6312 per share Trades ranged from $38.255 to $39.08

Shares sold September 10, 2026 10,000 shares Indirect sale by James S. Mahan Revocable Trust

Weighted average sale price September 10, 2026 $38.7485 per share Trades ranged from $38.35 to $39.08

Total shares sold in reported period 20,000 shares Net-sell across two Form 4 transactions

Plan adoption date August 27, 2025 Rule 10b5-1 trading plan for reported sales

Indirect holding by Marguerite D. Mahan Revocable Trust 3,032,547 shares Reported as of September 9, 2026

Indirect holding by Peapod II, LLC 140,150 shares Reported as of September 9, 2026

Key Terms

Rule 10b5-1 trading plan, weighted average price, indirect, Revocable Trust, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"The sales were effected pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average price financial

"The price reported in Column 4 is a weighted average price"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

indirect financial

"The transactions are reported as indirect ownership through a trust"

Revocable Trust financial

"Shares held by the James S. Mahan Revocable Trust"

A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.

Voting Common Stock financial

"Transactions involved Voting Common Stock of Live Oak Bancshares"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did LOB report for CEO James S. Mahan III?

The CEO reported sales of 20,000 shares of Live Oak Bancshares Voting Common Stock on September 9–10, 2026, through a revocable trust, in open-market or private transactions at weighted average prices in the high-$38 range, as disclosed in the Form 4.

At what prices were the LOB shares sold in this Form 4?

On September 9, 2026, 10,000 shares were sold at a weighted average price of $38.6312, with individual trades between $38.255 and $39.08. On September 10, 2026, 10,000 shares were sold at a weighted average price of $38.7485, with trades between $38.35 and $39.08.

Were the LOB insider share sales made under a Rule 10b5-1 plan?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 27, 2025, indicating the disposition followed a pre-arranged trading plan.

How were the shares held for the LOB insider sales reported?

The 20,000 shares sold were held indirectly through the James S. Mahan Revocable Trust. The transactions are reported as indirect ownership, not as direct personal holdings of James S. Mahan III.

What indirect LOB share holdings remain reported for James S. Mahan III?

The Form 4 shows indirect holdings including 3,032,547 shares by the Marguerite D. Mahan Revocable Trust, 127,167 shares each by the 2021 Chip Mahan Family and Charitable Trust and the 2021 Peggy Mahan Family Trust, and 140,150 shares by Peapod II, LLC.

How many LOB shares in total did the CEO sell in this Form 4?

Across two transactions, the CEO reported the sale of 20,000 shares of Live Oak Bancshares Voting Common Stock, with 10,000 shares sold on September 9, 2026 and 10,000 shares sold on September 10, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/11/2026 - 04:06 PM Accepted by SEC EDGAR 09/11/2026 - 04:05 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MAHAN JAMES S III

(Last) (First) (Middle)

1741 TIBURON DRIVE

(Street)

WILMINGTON NORTH CAROLINA 28403

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Live Oak Bancshares, Inc. [ LOB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Voting Common Stock	09/09/2026		S(1)		10,000	D	$38.6312(2)	2,757,844	I	By James S. Mahan Revocable Trust
Voting Common Stock	09/10/2026		S(1)		10,000	D	$38.7485(3)	2,747,844	I	By James S. Mahan Revocable Trust
Voting Common Stock								3,032,547	I	By Marguerite D. Mahan Revocable Trust
Voting Common Stock								127,167	I	By 2021 Chip Mahan Family and Charitable Trust
Voting Common Stock								127,167	I	By 2021 Peggy Mahan Family Trust
Voting Common Stock								140,150	I	By Peapod II, LLC

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 27, 2025.

2. This transaction was executed in multiple trades at prices ranging from $38.255 to $39.08. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of shares and prices at which the trades were effected.

3. This transaction was executed in multiple trades at prices ranging from $38.35 to $39.08. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of shares and prices at which the trades were effected.

Remarks:

	/s/ Jonathan A. Greene, By Power of Attorney	09/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)