Live Oak CEO Mahan sells 20,000 shares under plan

Live Oak Bancshares, Inc. director, Chief Executive Officer and 10% owner James S. Mahan III reported indirect open-market sales of Voting Common Stock totaling 20,000 shares.

Rhea-AI Filing Summary

Live Oak Bancshares, Inc. director, Chief Executive Officer and 10% owner James S. Mahan III reported indirect open-market sales of Voting Common Stock totaling 20,000 shares. On August 12, 2026, a revocable trust associated with him sold 10,000 shares at a weighted average price of $42.7475 per share. On August 13, 2026, the same trust sold an additional 10,000 shares at a weighted average price of $43.0973 per share. The filing states these sales were effected pursuant to a Rule 10b5-1 trading plan adopted on August 27, 2025. Indirect holdings reported include 3,032,547 shares held by a revocable trust for Marguerite D. Mahan, 127,167 shares each held by two family trusts, and 140,150 shares held by Peapod II, 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 ($858K)

Type	Security	Shares	Price	Value
Sale	Voting Common Stock F1, F3	10,000	$43.0973	$431K
Sale	Voting Common Stock F1, F2	10,000	$42.7475	$427K
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--

Holdings After Transaction: Voting Common Stock — 2,827,844 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 $42.395 to $42.97. 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 $42.895 to $43.39. 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 Aug 12, 2026: 10,000 shares at $42.7475 per share Shares sold Aug 13, 2026: 10,000 shares at $43.0973 per share Total shares sold: 20,000 shares +4 more

7 metrics

Shares sold Aug 12, 2026 10,000 shares at $42.7475 per share Indirect sale by James S. Mahan Revocable Trust, weighted average price

Shares sold Aug 13, 2026 10,000 shares at $43.0973 per share Indirect sale by James S. Mahan Revocable Trust, weighted average price

Total shares sold 20,000 shares Aggregate non-derivative sales of Voting Common Stock reported

Marguerite D. Mahan trust holding 3,032,547 shares Indirect Voting Common Stock holding reported as of August 12, 2026

2021 Chip Mahan Family and Charitable Trust 127,167 shares Indirect Voting Common Stock holding reported

2021 Peggy Mahan Family Trust 127,167 shares Indirect Voting Common Stock holding reported

Peapod II, LLC holding 140,150 shares Indirect Voting Common Stock holding reported

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 reported ... 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

"ownership_type" : "indirect" for the reporting person’s trust transactions"

revocable trust financial

"nature_of_ownership" : "By 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

"security_title" : "Voting Common Stock" for all reported entries"

FAQ

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

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

James S. Mahan III reported two indirect open-market sales of Live Oak Bancshares Voting Common Stock totaling 20,000 shares, executed on August 12 and 13, 2026 through the James S. Mahan Revocable Trust.

At what prices were the 20,000 LOB shares sold by the Mahan trust?

The revocable trust sold 10,000 shares at $42.7475 and 10,000 shares at $43.0973 weighted average prices. Each transaction was executed in multiple trades within disclosed price ranges on August 12 and 13, 2026.

Were the recent LOB insider 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 transactions followed a pre-established trading arrangement.

How many LOB shares are reported as indirectly held by related Mahan entities?

Reported indirect holdings include 3,032,547 shares by a Marguerite D. Mahan revocable trust, 127,167 shares in each of two family trusts, and 140,150 shares held by Peapod II, LLC, all shown as Voting Common Stock.

How many LOB shares did James S. Mahan III sell in total in this Form 4?

The transaction summary shows 20,000 shares sold of Voting Common Stock across two indirect transactions. Both are coded as open-market or private sales and classified as non-derivative transactions.

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

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Accepted by SEC EDGAR 08/14/2026 - 04:18 PM EDT 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)
08/12/2026

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	08/12/2026		S(1)		10,000	D	$42.7475(2)	2,837,844	I	By James S. Mahan Revocable Trust
Voting Common Stock	08/13/2026		S(1)		10,000	D	$43.0973(3)	2,827,844	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 $42.395 to $42.97. 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 $42.895 to $43.39. 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	08/14/2026
	** 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)