0001564590-22-004666.txt : 20220211 0001564590-22-004666.hdr.sgml : 20220211 20220211060030 ACCESSION NUMBER: 0001564590-22-004666 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20220211 DATE AS OF CHANGE: 20220211 GROUP MEMBERS: JAMES S. MAHAN III REVOCABLE TRUST GROUP MEMBERS: MARGUERITE D. MAHAN GROUP MEMBERS: MARGUERITE D. MAHAN REVOCABLE TRUST SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Live Oak Bancshares, Inc. CENTRAL INDEX KEY: 0001462120 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 264596286 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-89344 FILM NUMBER: 22616430 BUSINESS ADDRESS: STREET 1: 1741 TIBURON DRIVE CITY: WILMINGTON STATE: NC ZIP: 28403 BUSINESS PHONE: 910-790-5867 MAIL ADDRESS: STREET 1: 1741 TIBURON DRIVE CITY: WILMINGTON STATE: NC ZIP: 28403 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: MAHAN JAMES S III CENTRAL INDEX KEY: 0001036743 FILING VALUES: FORM TYPE: SC 13G/A MAIL ADDRESS: STREET 1: 3390 PEACHTREE RD NE STREET 2: STE 1700 CITY: ATLANTA STATE: GA ZIP: 30324 SC 13G/A 1 ck0001036743-sc13ga.htm SC 13G/A ck0001036743-sc13ga.htm

 

CUSIP No. 53803X105

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

SCHEDULE 13G

 

Under the Securities Exchange Act of 1934

 

(Amendment No. 6)*

 

Live Oak Bancshares, Inc.

(Name of Issuer)

 

 

Voting Common Stock, no par value per share

(Title of Class of Securities)

 

 

53803X105

(CUSIP Number)

 

 

December 31, 2021

(Date of Event Which Requires Filing of this Statement)

 

 

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

[   ]  Rule 13d-1(b)

[   ]  Rule 13d-1(c)

[X]  Rule 13d-1(d)

________________________

 

*The remainder of this cover page shall be filled out for a reporting person’s initial filing of this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act.

 

1

 

 

CUSIP No. 53803X105

 

 

1.

Name of Reporting Person

 

 

I.R.S. Identification No. of Above Person (Entities Only)

 

 

 

 

 

James S. Mahan III

 

 

 

 

2.

Check the Appropriate Box if a Member of a Group

 

 

 

(a) _____

 

 

 

(b) _____

 

 

 

 

 

3.

SEC Use Only

 

 

 

 

 

 

 

 

 

 

4.

Citizenship or Place of Organization

 

 

 

 

 

United States of America

 

 

 

 

Number of

Shares

Beneficially

Owned By

Each Reporting

Person with

5.

Sole Voting Power

 

 

 

 

 

 

3,487,1611

 

 

 

 

 

 

6.

Shared Voting Power

 

 

 

 

 

 

3,284,5212

 

 

 

 

 

 

 

 

7.

Sole Dispositive Power

 

 

 

 

 

 

 

 

 

 

3,487,1611

 

 

 

 

 

 

 

 

 

 

8.

Shared Dispositive Power

 

 

 

 

 

 

 

 

 

 

3,284,5212

 

 

 

 

 

 

 

 

9.

Aggregate Amount Beneficially Owned by Each

 

 

Reporting Person

 

 

 

 

 

6,771,682

 

 

(1)  Includes 3,359,994 shares held by the James S. Mahan III Revocable Trust and 127,167 shares held by the 2021 Peggy Mahan Family Trust, over which Mr. Mahan has sole investment and voting power.

 

(2)  Includes 3,032,547 shares held by the Marguerite D. Mahan Revocable Trust and 127,167 shares held by the 2021 Chip Mahan Family and Charitable Trust. Marguerite D. Mahan is the spouse of James S.

2

 

 

CUSIP No. 53803X105

 

Mahan III. By virtue of his relationship with Marguerite D. Mahan, Mr. Mahan may be deemed to share beneficial ownership of the shares owned by Mrs. Mahan’s revocable trust and his family and charitable trust.  Also includes 124,807 shares held by Salt Water Fund, a nonprofit corporation for which Mr. Mahan serves as a director and officer.

 

10.

Check Box if the Aggregate Amount in Row (9) Excludes

 

Certain Shares

 

 

 

[   ]

 

 

11.

Percent of Class Represented by Amount in Row (9)

 

 

 

15.7%3

 

 

12.

Type of Reporting Person

 

 

 

IN

 

 

 

(3) Based on 43,101,598 shares of Voting Common Stock outstanding as of November 2, 2021, as reported on the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 3, 2021.

 

 

3

 

 

CUSIP No. 53803X105

 

 

1.

Name of Reporting Person

 

 

I.R.S. Identification No. of Above Person (Entities Only)

 

 

 

 

 

Marguerite D. Mahan

 

 

 

 

2.

Check the Appropriate Box if a Member of a Group

 

 

 

(a) _____

 

 

 

(b) _____

 

 

 

 

 

3.

SEC Use Only

 

 

 

 

 

 

 

 

 

 

4.

Citizenship or Place of Organization

 

 

 

 

 

United States of America

 

 

 

 

Number of

Shares

Beneficially

Owned By

Each Reporting

Person with

5.

Sole Voting Power

 

 

 

 

 

 

3,159,7144

 

 

 

 

 

 

6.

Shared Voting Power

 

 

 

 

 

 

3,611,9685

 

 

 

 

 

 

 

 

7.

Sole Dispositive Power

 

 

 

 

 

 

 

 

 

 

3,159,7144

 

 

 

 

 

 

 

 

 

 

8.

Shared Dispositive Power

 

 

 

 

 

 

 

 

 

 

3,611,9685

 

 

 

 

 

 

 

 

9.

Aggregate Amount Beneficially Owned by Each

 

 

Reporting Person

 

 

 

 

 

6,771,682

 

 

(4)  Includes 3,032,547 shares held by the Marguerite D. Mahan Revocable Trust and 127,167 shares held by the 2021 Chip Mahan Family and Charitable Trust, over which Mrs. Mahan has sole investment and voting power.

 

4

 

 

CUSIP No. 53803X105

 

 

(5) Includes 3,359,994 shares held by the James S. Mahan III Revocable Trust and 127,167 shares held by the 2021 Peggy Mahan Family Trust. James S. Mahan III is the spouse of Marguerite D. Mahan. By virtue of her relationship with James S. Mahan III, Mrs. Mahan may be deemed to share beneficial ownership of the shares owned by Mr. Mahan’s revocable trust and her family trust.  Also includes 124,807 shares held by Salt Water Fund, a nonprofit corporation for which Mrs. Mahan serves as a director and officer.

 

10.

Check Box if the Aggregate Amount in Row (9) Excludes

 

Certain Shares

 

 

 

[   ]

 

 

11.

Percent of Class Represented by Amount in Row (9)

 

 

 

15.7%3

 

 

12.

Type of Reporting Person

 

 

 

IN

 

 

 

 

 

 

5

 

 

CUSIP No. 53803X105

 

 

1.

Name of Reporting Person

 

 

I.R.S. Identification No. of Above Person (Entities Only)

 

 

 

 

 

James S. Mahan III Revocable Trust

 

 

 

 

2.

Check the Appropriate Box if a Member of a Group

 

 

 

(a) _____

 

 

 

(b) _____

 

 

 

 

 

3.

SEC Use Only

 

 

 

 

 

 

 

 

 

 

4.

Citizenship or Place of Organization

 

 

 

 

 

United States of America

 

 

 

 

Number of

Shares

Beneficially

Owned By

Each Reporting

Person with

5.

Sole Voting Power

 

 

 

 

 

 

3,359,994

 

 

 

 

 

 

6.

Shared Voting Power

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

7.

Sole Dispositive Power

 

 

 

 

 

 

 

 

 

 

3,359,994

 

 

 

 

 

 

 

 

 

 

8.

Shared Dispositive Power

 

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

9.

Aggregate Amount Beneficially Owned by Each

 

 

Reporting Person

 

 

 

 

 

3,359,994

 

 

 

 

 

 

6

 

 

CUSIP No. 53803X105

 

 

10.

Check Box if the Aggregate Amount in Row (9) Excludes

 

Certain Shares

 

 

 

[   ]

 

 

11.

Percent of Class Represented by Amount in Row (9)

 

 

 

7.8%3

 

 

12.

Type of Reporting Person

 

 

 

OO

 

 

 

 

 

 

 

7

 

 

CUSIP No. 53803X105

 

 

1.

Name of Reporting Person

 

 

I.R.S. Identification No. of Above Person (Entities Only)

 

 

 

 

 

Marguerite D. Mahan Revocable Trust

 

 

 

 

2.

Check the Appropriate Box if a Member of a Group

 

 

 

(a) _____

 

 

 

(b) _____

 

 

 

 

 

3.

SEC Use Only

 

 

 

 

 

 

 

 

 

 

4.

Citizenship or Place of Organization

 

 

 

 

 

United States of America

 

 

 

 

Number of

Shares

Beneficially

Owned By

Each Reporting

Person with

5.

Sole Voting Power

 

 

 

 

 

 

3,032,547

 

 

 

 

 

 

6.

Shared Voting Power

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

7.

Sole Dispositive Power

 

 

 

 

 

 

 

 

 

 

3,032,547

 

 

 

 

 

 

 

 

 

 

8.

Shared Dispositive Power

 

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

9.

Aggregate Amount Beneficially Owned by Each

 

 

Reporting Person

 

 

 

 

 

3,032,547

 

 

8

 

 

CUSIP No. 53803X105

 

 

10.

Check Box if the Aggregate Amount in Row (9) Excludes

 

Certain Shares

 

 

 

[   ]

 

 

11.

Percent of Class Represented by Amount in Row (9)

 

 

 

7.0%3

 

 

12.

Type of Reporting Person

 

 

 

OO

 

 

 

 

 

 

9

 

 

CUSIP No. 53803X105

 

 

Item 1(a)

Name of Issuer

 

Live Oak Bancshares, Inc. (the “Issuer”)

 

Item 1(b)

Address of Issuer’s Principal Executive Offices

 

1741 Tiburon Drive

Wilmington, NC 28403

 

Item 2(a)

Name of Person Filing

 

This Amendment No. 6 to Schedule 13G is being filed jointly by James S. Mahan III, Marguerite D. Mahan, the James S. Mahan III Revocable Trust, and the Marguerite D. Mahan Revocable Trust. The reporting persons have entered into a Joint Filing Agreement, a copy of which was filed with the original Schedule 13G as Exhibit 99.1 thereto, pursuant to which the reporting persons have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.

 

Item 2(b)

Address of Principal Business Office, or if none, Residence

 

c/o Live Oak Bancshares, Inc.

1741 Tiburon Drive

Wilmington, NC 28403

 

Item 2(c)

Citizenship

 

James S. Mahan III and Marguerite D. Mahan are each United States citizens. The James S. Mahan III Revocable Trust is sitused in the state of North Carolina, United States. The Marguerite D. Mahan Revocable Trust is sitused in the state of North Carolina, United States.

 

Item 2(d)

Title of Class of Securities

 

Voting Common Stock, no par value per share

 

Item 2(e)

CUSIP Number

 

53803X105

 

Item 3.

Filing pursuant to Rules 13d-1(b) or 13d-2(b) or (c)

 

Not Applicable

 

10

 

 

CUSIP No. 53803X105

 

 

Item 4.

Ownership

 

 

(a)

Amount Beneficially Owned:

 

 

James S. Mahan III

6,771,682

Marguerite D. Mahan

6,771,682

James S. Mahan III Revocable Trust

3,359,994

Marguerite D. Mahan Revocable Trust

3,032,547

 

 

(b)

Percent of Class:3

 

James S. Mahan III

15.7

%

Marguerite D. Mahan

15.7

%

James S. Mahan III Revocable Trust

7.8

%

Marguerite D. Mahan Revocable Trust

7.0

%

 

 

(c)

Number of shares as to which the person has:

 

 

(i)

sole power to vote or direct the vote:  

 

James S. Mahan III

3,487,161

Marguerite D. Mahan

3,159,714

James S. Mahan III Revocable Trust

3,359,994

Marguerite D. Mahan Revocable Trust

3,032,547

 

 

(ii)

shared power to vote or direct the vote:  

 

James S. Mahan III

3,284,521

Marguerite D. Mahan

3,611,968

James S. Mahan III Revocable Trust

0

Marguerite D. Mahan Revocable Trust

0

 

 

(iii)

sole power to dispose or direct the disposition of:  

 

James S. Mahan III

3,487,161

Marguerite D. Mahan

3,159,714

James S. Mahan III Revocable Trust

3,359,994

Marguerite D. Mahan Revocable Trust

3,032,547

 

11

 

 

CUSIP No. 53803X105

 

 

 

(iv)

shared power to dispose or direct the disposition of:  

 

James S. Mahan III

3,284,521

Marguerite D. Mahan

3,611,968

James S. Mahan III Revocable Trust

0

Marguerite D. Mahan Revocable Trust

0

 

Item 5.

Ownership of Five Percent or Less of a Class

 

Not Applicable

 

Item 6.

Ownership of More than Five Percent on Behalf of Another Person

 

Not Applicable

 

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person

 

Not Applicable

 

Item 8.

Identification and Classification of Members of the Group

 

Not Applicable

 

Item 9.

Notice of Dissolution of Group

 

Not Applicable

 

Item 10.

Certification

 

Not Applicable

 

12

 

 

CUSIP No. 53803X105

 

 

 

 

SIGNATURE

 

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

 

Date: February 11, 2022

  /s/ James S. Mahan III

 

James S. Mahan III

 

 

 

 

Date: February 11, 2022

  /s/ Marguerite D. Mahan

 

Marguerite D. Mahan

 

 

 

 

Date: February 11, 2022

JAMES S. MAHAN III REVOCABLE TRUST

 

 

 

 

 

By:   /s/ James S. Mahan III

 

 

 

Name:  James S. Mahan III

 

 

 

Title:  Trustee

 

 

 

 

Date: February 11, 2022

MARGUERITE D. MAHAN REVOCABLE TRUST

 

 

 

 

 

By:    /s/ Marguerite D. Mahan

 

 

 

Name:  Marguerite D. Mahan

 

 

 

Title:  Trustee

 

 

 

 

 

 

13

 

 

CUSIP No. 53803X105

 

 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

99.1

 

Joint Filing Agreement*

 

_______________________

 

* Previously filed

 

14