Spatz Nora 4

What Happened Nora Spatz, Executive Vice President and Chief Accounting Officer of Marathon Bancorp (MBBC), exercised stock option/derivative awards on March 18, 2026. She acquired 2,399 shares at $8.13 per share ($19,504) and 1,921 shares at $6.48 per share ($12,448), for a total of 4,320 shares and $31,952 in exercise value. The filing also reports corresponding dispositions of 2,399 and 1,921 derivative shares at $0.00 each (reported as derivative disposals) on the same date.

Key Details

• Transaction date: 2026-03-18 (filed the same day; timely).
• Purchases (by exercise): 2,399 shares @ $8.13 = $19,504; 1,921 shares @ $6.48 = $12,448.
• Dispositions (derivative, $0.00): 2,399 shares and 1,921 shares reported disposed the same day.
• Transaction code: M (exercise or conversion of derivative).
• Shares owned after transaction: Not specified in the filing excerpt provided.
• Footnotes from filing:
  • F1: Restricted stock vests 20% per year starting June 28, 2023.
  • F2: Restricted stock vests 20% per year starting May 16, 2024.
  • F3: Stock options vest 20% per year starting June 28, 2023.
  • F4: Stock options vest 20% per year starting May 16, 2024.

Context

• The filing shows an options exercise rather than an open-market purchase or sale for cash. The equal-numbered derivative disposals reported at $0.00 commonly reflect shares surrendered to the company to cover exercise costs or tax withholding (a cashless/net-settlement element), not an ordinary market sale. This type of transaction is typically administrative and does not necessarily indicate a change in the insider's market view.