Live Oak CEO trust sells 10K shares at $39.75

Rhea-AI Filing Summary

Live Oak Bancshares, Inc. (LOB) insider activity shows a trust associated with Chief Executive Officer and director James S. Mahan III selling 10,000 shares of voting common stock on September 3, 2026 at a weighted average price of $39.75 per share under a Rule 10b5-1 trading plan adopted on August 27, 2025. After this sale, the James S. Mahan Revocable Trust held 2,767,844 shares indirectly, while other family-related trusts and an LLC continued to hold additional indirect positions.

Insider Trade Summary 10b5-1

Net Seller: 10,000 shares

Net Sell 5 txns

Insider MAHAN JAMES S III

Role Chief Executive Officer

Sold 10,000 shs ($397K)

Type	Security	Shares	Price	Value
Sale	Voting Common Stock F1, F2	10,000	$39.7466	$397K
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--

Holdings After Transaction: Voting Common Stock — 2,767,844 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 (2)

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 $39.54 to $40.17. 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: 10,000 shares Weighted average sale price: $39.75 per share Shares held after sale – James S. Mahan Revocable Trust: 2,767,844 shares +5 more

8 metrics

Shares sold 10,000 shares Voting common stock sold on September 3, 2026 by James S. Mahan Revocable Trust

Weighted average sale price $39.75 per share Weighted average for trades ranging from $39.54 to $40.17 on September 3, 2026

Shares held after sale – James S. Mahan Revocable Trust 2,767,844 shares Indirect ownership of Live Oak Bancshares voting common stock following the sale

Shares held – Marguerite D. Mahan Revocable Trust 3,032,547 shares Indirect ownership associated with James S. Mahan III

Shares held – 2021 Chip Mahan Family and Charitable Trust 127,167 shares Indirect holding of voting common stock

Shares held – 2021 Peggy Mahan Family Trust 127,167 shares Indirect holding of voting common stock

Shares held – Peapod II, LLC 140,150 shares Indirect holding of voting common stock associated with James S. Mahan III

Rule 10b5-1 plan adoption date August 27, 2025 Date the trading plan governing the reported sales was adopted

Key Terms

Rule 10b5-1 trading plan, weighted average price, voting common stock

3 terms

Rule 10b5-1 trading plan regulatory

"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."

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.

voting common stock financial

"Voting Common Stock"

FAQ

What insider transaction did LOB report for James S. Mahan III on September 3, 2026?

On September 3, 2026, a trust associated with James S. Mahan III sold 10,000 shares of Live Oak Bancshares voting common stock. The transaction involved indirect ownership through the James S. Mahan Revocable Trust and was executed under a Rule 10b5-1 trading plan.

At what price were the 10,000 LOB shares sold by the CEO-associated trust?

The 10,000 shares were sold at a weighted average price of $39.75 per share. The underlying trades were executed in multiple transactions at prices ranging from $39.54 to $40.17, with the weighted average reported for the sale.

How many LOB shares did the James S. Mahan Revocable Trust hold after the sale?

After the September 3, 2026 sale, the James S. Mahan Revocable Trust held 2,767,844 shares of Live Oak Bancshares voting common stock as indirect ownership for James S. Mahan III.

Were the LOB share sales by the CEO-associated trust under a Rule 10b5-1 plan?

Yes. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted by James S. Mahan III on August 27, 2025, indicating the transactions were pre-arranged under that plan.

What other indirect LOB holdings are associated with James S. Mahan III and related entities?

Besides the James S. Mahan Revocable Trust, indirect holdings include 3,032,547 shares by the Marguerite D. Mahan Revocable Trust, 127,167 shares by the 2021 Chip Mahan Family and Charitable Trust, 127,167 shares by the 2021 Peggy Mahan Family Trust, and 140,150 shares by Peapod II, LLC.

What is the role of James S. Mahan III at Live Oak Bancshares (LOB)?

James S. Mahan III is the Chief Executive Officer, a director, and a ten percent owner of Live Oak Bancshares, Inc., and his reported holdings are largely through various trusts and an LLC.

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Available on EDGAR 09/08/2026 - 04:19 PM Accepted by SEC EDGAR 09/08/2026 - 04:18 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)
09/03/2026

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	09/03/2026		S(1)		10,000	D	$39.7466(2)	2,767,844	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 $39.54 to $40.17. 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	09/08/2026
	** 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)