Live Oak (LOB) CEO trust sells 10,000 shares at $36.226 each

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Live Oak Bancshares, Inc. director and CEO James S. Mahan, through the James S. Mahan Revocable Trust, reported an open-market sale of 10,000 shares of Voting Common Stock at a weighted average price of $36.226 per share on May 14, 2026.

After the sale, the trust held 2,927,844 shares of Voting Common Stock indirectly. Additional indirect holdings were reported as 140,150 shares by Peapod II, LLC, 127,167 shares by the 2021 Peggy Mahan Family Trust, 127,167 shares by the 2021 Chip Mahan Family and Charitable Trust, and 3,032,547 shares by the Marguerite D. Mahan Revocable Trust.

The filing notes that the sale was effected under a pre-arranged Rule 10b5-1 trading plan adopted by the reporting person on August 27, 2025, and that the transaction was executed in multiple trades between $36.03 and $36.48 per share.

Insider Trade Summary 10b5-1

Net Seller: 10,000 shares ($362,260)

Net Sell 5 txns

Insider MAHAN JAMES S III

Role Chief Executive Officer

Sold 10,000 shs ($362K)

Type	Security	Shares	Price	Value
Sale	Voting Common Stock	10,000	$36.226	$362K
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--
holding	Voting Common Stock	--	--	--

Holdings After Transaction: Voting Common Stock — 2,927,844 shares (Indirect, By James S. Mahan Revocable Trust)

Footnotes (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 $36.03 to $36.48. 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: $36.226 per share Post-sale holdings – James S. Mahan Revocable Trust: 2,927,844 shares +5 more

8 metrics

Shares sold 10,000 shares Voting Common Stock sold on May 14, 2026

Weighted average sale price $36.226 per share Open-market or private sale on May 14, 2026

Post-sale holdings – James S. Mahan Revocable Trust 2,927,844 shares Total shares of Voting Common Stock held indirectly after sale

Holdings – Peapod II, LLC 140,150 shares Indirect ownership of Voting Common Stock as of May 14, 2026

Holdings – 2021 Peggy Mahan Family Trust 127,167 shares Indirect ownership of Voting Common Stock as of May 14, 2026

Holdings – 2021 Chip Mahan Family and Charitable Trust 127,167 shares Indirect ownership of Voting Common Stock as of May 14, 2026

Holdings – Marguerite D. Mahan Revocable Trust 3,032,547 shares Indirect ownership of Voting Common Stock as of May 14, 2026

Trade price range $36.03–$36.48 per share Range of prices for multiple trades on May 14, 2026

Key Terms

Rule 10b5-1 trading plan, weighted average price, open-market sale, Voting Common Stock, +1 more

5 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.

open-market sale financial

"transaction_action: open-market sale"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Voting Common Stock financial

"security_title: Voting Common Stock"

indirect ownership financial

"ownership_type: indirect, nature_of_ownership: By James S. Mahan Revocable Trust"

Form 4 Insider Transactions: What Each Field Means →

05/18/2026 - 06:36 PM

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).

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)
05/14/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Voting Common Stock	05/14/2026		S⁽¹⁾		10,000	D	$36.226⁽²⁾	2,927,844	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 $36.03 to $36.48. 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	05/18/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

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

Live Oak Bancshares reported that the James S. Mahan Revocable Trust sold 10,000 shares of Voting Common Stock. The sale occurred on May 14, 2026 at a weighted average price of $36.226 per share in open-market or private transactions.

Who is associated with the selling entity in the Live Oak Bancshares (LOB) Form 4?

The selling entity is the James S. Mahan Revocable Trust, associated with James S. Mahan III. He is a director, Chief Executive Officer, and more than 10% owner of Live Oak Bancshares, and reports the transaction as an indirect ownership change.

How many Live Oak Bancshares (LOB) shares does the trust hold after the sale?

Following the 10,000-share sale, the James S. Mahan Revocable Trust holds 2,927,844 shares of Voting Common Stock. This figure reflects the trust’s indirect ownership position in Live Oak Bancshares after the reported open-market transaction on May 14, 2026.

Was the Live Oak Bancshares (LOB) insider sale made under a Rule 10b5-1 plan?

Yes. The filing states that the reported sales were effected pursuant to a Rule 10b5-1 trading plan. This plan was adopted by the reporting person on August 27, 2025, indicating the trades were pre-arranged rather than decided at the time of execution.

At what prices were the Live Oak Bancshares (LOB) insider trades executed?

The insider transaction was executed in multiple trades between $36.03 and $36.48 per share. The Form 4 reports a weighted average sale price of $36.226 per share for the 10,000 Voting Common Stock shares sold by the James S. Mahan Revocable Trust.

What other indirect Live Oak Bancshares (LOB) holdings are reported for James S. Mahan III?

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