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

Live Oak Bancshares (NASDAQ: LOB) CEO files Form 4 for 20,000-share 10b5-1 sales

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

Rhea-AI Filing Summary

Live Oak Bancshares, Inc. insider James S. Mahan, the company’s Chief Executive Officer, director and 10% owner, reported open-market sales of company stock under a pre-arranged trading plan. On November 26, 2025, a trust for his benefit sold 10,000 shares of voting common stock at a weighted average price of $32.1723 per share. On November 28, 2025, the same trust sold an additional 10,000 shares at a weighted average price of $32.0434 per share.

The filing notes these transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on August 27, 2025, which is designed to allow insiders to sell shares according to a preset schedule. After these sales, Mahan continues to report substantial indirect holdings in Live Oak Bancshares through several trusts and entities, including 3,127,844 shares held by the James S. Mahan Revocable Trust and 3,032,547 shares held by the Marguerite D. Mahan Revocable Trust.

Positive

  • None.

Negative

  • None.
Insider MAHAN JAMES S III
Role Chief Executive Officer
Sold 20,000 shs ($642K)
Type Security Shares Price Value
Sale Voting Common Stock 10,000 $32.0434 $320K
Sale Voting Common Stock 10,000 $32.1723 $322K
holding Voting Common Stock -- -- --
holding Voting Common Stock -- -- --
holding Voting Common Stock -- -- --
holding Voting Common Stock -- -- --
Holdings After Transaction: Voting Common Stock — 3,127,844 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 $31.90 to $32.29. 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 $31.78 to $32.29. 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)
11/26/2025
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 11/26/2025 S(1) 10,000 D $32.1723(2) 3,137,844 I By James S. Mahan Revocable Trust
Voting Common Stock 11/28/2025 S(1) 10,000 D $32.0434(3) 3,127,844 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 140,150 I By Peapod II, LLC
Voting Common Stock 127,167 I By 2021 Peggy Mahan Family Trust
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 $31.90 to $32.29. 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 $31.78 to $32.29. 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 12/01/2025
** 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

What insider transaction did Live Oak Bancshares (LOB) report in this Form 4?

The Form 4 reports that James S. Mahan, Live Oak Bancshares’ Chief Executive Officer, director and 10% owner, sold a total of 20,000 shares of voting common stock in two open-market transactions on November 26, 2025 and November 28, 2025.

At what prices did James S. Mahan sell Live Oak Bancshares (LOB) shares?

On November 26, 2025, a trust for James S. Mahan sold 10,000 shares at a weighted average price of $32.1723 per share. On November 28, 2025, it sold another 10,000 shares at a weighted average price of $32.0434 per share.

Were the Live Oak Bancshares (LOB) insider sales made under a Rule 10b5-1 trading plan?

Yes. The filing states that the sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 27, 2025, which pre-establishes trading parameters for insider transactions.

How many Live Oak Bancshares (LOB) shares does James S. Mahan report owning after these transactions?

After the reported sales, James S. Mahan reports indirect beneficial ownership of several blocks of Live Oak Bancshares voting common stock, including 3,127,844 shares held by the James S. Mahan Revocable Trust and 3,032,547 shares held by the Marguerite D. Mahan Revocable Trust, along with additional shares held through other family trusts and an LLC.

What is James S. Mahan’s relationship to Live Oak Bancshares (LOB)?

James S. Mahan is identified as a director, Chief Executive Officer, and 10% owner of Live Oak Bancshares, Inc., indicating he is both a senior executive and a significant shareholder.

How were the Live Oak Bancshares (LOB) insider transactions executed according to the Form 4?

The Form 4 notes that each transaction on November 26, 2025 and November 28, 2025 was executed in multiple trades within a price range, and the reported prices are weighted averages. The reporting person undertakes to provide full trade details, including the number of shares and individual prices, upon request.