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  4. [Form 4] Live Oak Bancshares, Inc. Insider Trading Activity

Live Oak Bancshares (LOB) CEO sells 20,000 shares under Rule 10b5-1 plan

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Live Oak Bancshares, Inc. Chief Executive Officer and 10% owner James S. Mahan III reported open-market sales of a total of 20,000 shares of Voting Common Stock on March 4–5. The shares were sold indirectly through the James S. Mahan Revocable Trust at weighted average prices of $36.6872, $35.3735 and $35.8894. After these sales, the revocable trust held 2,967,844 shares of Voting Common Stock indirectly. The filing states that these sales were effected under a Rule 10b5-1 trading plan adopted by the reporting person on August 27, 2025.

Positive

  • None.

Negative

  • None.
Insider MAHAN JAMES S III
Role Chief Executive Officer
Sold 20,000 shs ($721K)
Type Security Shares Price Value
Sale Voting Common Stock 8,861 $35.3735 $313K
Sale Voting Common Stock 1,139 $35.8894 $41K
Sale Voting Common Stock 10,000 $36.6872 $367K
holding Voting Common Stock -- -- --
holding Voting Common Stock -- -- --
holding Voting Common Stock -- -- --
holding Voting Common Stock -- -- --
Holdings After Transaction: Voting Common Stock — 2,968,983 shares (Indirect, By James S. Mahan Revocable Trust)
Footnotes (1)
  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. This transaction was executed in multiple trades at prices ranging from $36.355 to $36.89. 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. This transaction was executed in multiple trades at prices ranging from $34.73 to $35.72. 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. This transaction was executed in multiple trades at prices ranging from $35.73 to $36.30. 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.
Form 4 Insider Transactions: What Each Field Means →
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 NC 28403
(City) (State) (Zip)
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
3. Date of Earliest Transaction (Month/Day/Year)
03/04/2026
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
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 03/04/2026 S(1) 10,000 D $36.6872(2) 2,977,844 I By James S. Mahan Revocable Trust
Voting Common Stock 03/05/2026 S(1) 8,861 D $35.3735(3) 2,968,983 I By James S. Mahan Revocable Trust
Voting Common Stock 03/05/2026 S(1) 1,139 D $35.8894(4) 2,967,844 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 $36.355 to $36.89. 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 $34.73 to $35.72. 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.
4. This transaction was executed in multiple trades at prices ranging from $35.73 to $36.30. 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 03/06/2026
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

How many Live Oak Bancshares (LOB) shares did the CEO sell in this Form 4?

The filing shows that James S. Mahan III reported selling a total of 20,000 shares of Live Oak Bancshares Voting Common Stock. These open-market sales occurred in three transactions on March 4–5 through the James S. Mahan Revocable Trust.

At what prices did the Live Oak Bancshares (LOB) CEO’s shares sell?

The reported open-market sales were executed at weighted average prices of $36.6872, $35.3735 and $35.8894 per share. Footnotes note each transaction comprised multiple trades within disclosed price ranges around these averages.

Were the Live Oak Bancshares (LOB) CEO’s stock sales pre-planned under Rule 10b5-1?

Yes. The filing states the sales were effected under a Rule 10b5-1 trading plan adopted by the reporting person on August 27, 2025. Such plans allow pre-arranged trading according to predetermined instructions.

How many Live Oak Bancshares (LOB) shares does the revocable trust hold after the CEO’s sales?

After the reported transactions, the James S. Mahan Revocable Trust held 2,967,844 shares of Live Oak Bancshares Voting Common Stock indirectly. This figure is disclosed in the post-transaction holdings column for the trust-related sale entry.

What type of transactions did the Live Oak Bancshares (LOB) Form 4 report?

The Form 4 reports open-market sales of Voting Common Stock, coded as “S” and described as “Sale in open market or private transaction.” Additional lines reflect indirect holdings in family trusts and an LLC without specified buy or sell codes.

Through which entities are the Live Oak Bancshares (LOB) CEO’s shares held?

The filing shows indirect ownership of Voting Common Stock through the James S. Mahan Revocable Trust and additional indirect holdings noted for the Marguerite D. Mahan Revocable Trust, two 2021 family trusts, and Peapod II, LLC.